Even the tax expert who won big betting against DOGE on Kalshi is still figuring out how to file his taxes

Prediction markets are growing quickly, and so are the tax questions surrounding them. In an interview with Business Insider, Baker Tilly’s James Creech discussed the surge in activity across these platforms and the reporting complexities involved. Not all platforms issue Forms 1099, and the documentation they provide may not capture all reportable income. Even when investors end the year in a loss position, accurate reporting and careful recordkeeping remain essential. As regulatory guidance evolves, a proactive and well-documented approach can help taxpayers stay prepared.

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