Did you know people can bet on who will win elections? These are called prediction markets!
- Many people bet on the 2024 US Presidential election.
- They used websites like Polymarket and PredictIt.
- Winning money from these bets is taxable income.
- The IRS (tax agency) wants its share of the winnings.
| Fact | Detail |
|---|---|
| Taxable Income | Winnings from prediction markets are considered income and must be reported to the IRS. |
| Tax Forms | Most prediction market websites send tax forms to users who made money. |
