Don’t pay more tax than you legally owe.
Compare every applicable tax treatment for your Kalshi and Polymarket trades, see the calculations, and generate IRS-ready forms in minutes.
Free to try. No account needed.
$1,488.00
saved by filing the lowest legal method instead of the priciest, on the same trades.
$0.00
estimated tax
$0.00
estimated tax
$1,488.00
estimated tax
$0.00
estimated tax
Net -$3,250.00 for the year, from $6,200.00 won and $9,450.00 lost. That is what all four bills are worked out on, and they are not the same. Real engine output, no mockups.
Nothing is stored, ever
Your trades are processed in memory to build your report, never stored, never logged. Close the tab and it’s gone.
No keys, no logins, no funds
A file you export yourself, or a wallet address that’s already public. Read-only.
No AI in the math
Every figure is a deterministic calculation, tested against IRS worked examples.
The IRS already has your number.
Clear about $600 on Kalshi and it files a 1099-MISC of your net winnings straight to the IRS. They match that number against your return.
- Kalshi reports your net winnings, not your per-trade cost basis.
- A mismatch triggers an automated CP2000 notice.
- WagerMints reconciles your actual trades to the number the IRS already sees.
Kalshi · Form 1099-MISC
$12,480
Net winnings reported to the IRS
The IRS just sees a dollar amount. It’s up to you to prove what you actually owe.
Cost-basis-adjusted gain
$8,290
Four methods, one paper trail
Per-trade basis, proceeds, fees, and holding period, so the number on your return has a defense.
From an export to a filed number, in about a minute.
- kalshi-export.csvtypetickerpriceTradeYES94¢TradeNO6¢Step 1
Load your history
Drop a Kalshi CSV or paste a Polymarket wallet address. Unredeemed losses and settled markets both come along.
- 1256CapOrdGambStep 2
The engine works every position
Fees fold into basis. The same realized gains run through all four tax methods at once.
- 8949 CSV$8,290Step 3
File with the numbers shown
Four bills side by side, a Form 8949 CSV, and a print-ready report for your accountant.
Same trades. Four different bills.
The IRS hasn’t ruled on prediction markets, so all four treatments are in active use today, and they rarely land on the same number. We compute every one from your trades so you can choose on purpose.
Sample year
One trader’s Kalshi + Polymarket history, filed four ways.
Capital gains
$3,840
Ordinary income
$4,580
Gambling
$9,120
Section 1256
$2,190
The spread between highest and lowest is real money. Your own trades will produce a different ranking, and this is why the side-by-side comparison matters.
Capital gains
Treated like stocks or crypto.
Good for: The common default, and what most crypto tax preparers use.
Ordinary income
Added to your income like a paycheck.
Good for: Simplest to file. Often not the cheapest.
Gambling
Treated as wagering.
Good for: Usually the worst result for a trader. Shown so you can see what to avoid.
Section 1256 (60/40)
Treated like regulated futures.
Good for: Potentially the lowest, but legally aggressive. Confirm with a CPA.
Built against real exports, not assumed formats.
Losses you never claimed still count
A losing Polymarket position leaves no on-chain trace, so most tools silently drop it. We check on-chain resolutions and book the loss anyway.
Even without a REDEEM row, a resolved losing market is closed against your basis.
Kalshi’s price column is a trap
Kalshi’s export lists the Yes price on every trade, even when you bought No. Read it naively and you mis-cost No positions by up to 15x.
Direction=No means your cost is the complement.
The 2026 gambling cap is modeled
Win $100k and lose $100k in 2026 and the new law can still tax you on $10k you never made. The engine computes it and flags what’s debated.
Every rule has a test with a citation
The $3,000 loss cap, carryforwards, session netting, the 60/40 split: each one is a worked example traced to the actual IRS instructions. No AI in the math.
Questions traders actually ask
The short version of what people email us before their first filing.
Still unsure which method fits you?
Bring the print-ready report to a tax professional. It’s built to be reviewed, signed, and filed.
Build your reportFree to see your numbers. $39 gets the tax year done.
Free
See what you would owe under all four methods, no account needed.
- Upload your CSV or a Polymarket wallet address
- Preview your results instantly, no account needed
- Compare all four tax treatments side by side
- See your estimated tax under each one
- FIFO lot matching with fees folded into basis
- Processed in memory, never stored, no logs
Pro
Free in betaFilled IRS forms and a report your accountant can sign off on.
- Everything in Free, plus the files you actually file with
- Form 8949 CSV export, ready for FreeTaxUSA or your tax software
- IRS-ready PDFs: Form 8949, Schedule D and Form 6781
- An official report with citations, ready for your accountant
- A CPA summary letter that explains how the numbers were reached
- Unlimited recalculations and downloads for the tax year
Free for everyone during the beta. $39 per tax year after, one license per year, never a subscription.
Run your reportSee every legal way to file it, then choose the lowest.
About a minute with a Kalshi export or a Polymarket wallet address.