Business Latest | Nobody Knows How to File Taxes on Prediction Market Wins by Kate Knibbs

Nobody Knows How to File Taxes on Prediction Market Wins | WIRED

Americans flocked to prediction markets last year. Now, it’s time to pay taxes on winnings. How do you do that? Great question.

How do you file taxes on prediction market profits? It seems like the type of straightforward question any halfway decent bookkeeper should be able to answer. Right now, though, it’s a conundrum for tax experts across the country. “You have a vacuum of guidance,” says Patrick Camuso, an accountant who specializes in digital assets. “It puts the taxpayer in a bad position.”

Read more: https://www.wired.com/story/nobody-knows-how-to-file-taxes-on-prediction-market-wins-and-losses/

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