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Midterm election trading tops 220 million dollars while IRS tax treatment of winnings stays unresolved, Wattay Accounting reports
- Midterm election trading tops 220 million dollars while IRS tax treatment of winnings stays unresolved, Wattay Accounting reports — More than 220 million dollars has traded on congressional election outcomes on platforms such as Kalshi and Polymarket, more than double the 92 million dollars recorded for the entire 2024 congressional cycle, according to research cited from a Reuters investigation. The IRS has not set a single federal tax classification for prediction market contracts, leaving open whether winnings are treated as gambling income, capital gains or Section 1256 contract income. (Wattay Accounting)
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