Tax reports for Polymarket, Kalshi & Hyperliquid
Know what you actually made.
Paste a wallet and get realized P&L the way a tax report sees it: losers you never redeemed, fees hidden in fills, funding and all. Then compare four tax treatments and export Form 8949.
Your proxy wallet: Polymarket profile → wallet address. Read-only, no signup, nothing stored.
Trading on Kalshi? Connect a read-only key in the app
- Losers never redeemedsettled at $0
- Taker fees hidden in fillsadded to basis
- Difference$432.62
Same wallet, same year. The difference is what most P&L screens leave out.
The report
Every market, every lot, every fee.
This is the actual report, running on a demo account. Switch FIFO and HIFO and every number, export and treatment updates with it.
Net P&L
+$1,640.91
Realized + funding/rewards
Realized gains
+$1,637.46
ST $1,637.46 · LT $0.00
Fees paid
$11.74
Already in basis and proceeds
Win rate
80%
4 of 5 markets
| Market | Fees | P&L |
|---|---|---|
| HYPE perp | +$1,498.31 | |
| Super Bowl LX winner | −$482.40 | |
| Fed cuts rates in December? | +$305.90 | |
| NYC high temp > 80°F (Jul 14) | +$294.50 | |
| LP-REWARDS | +$24.60 |
Estimated federal tax, same trades
- Capital gains$393.82
- Section 1256 (60/40)Lowest$305.21
- Other income$393.82
- Gambling$509.59
How it works
Wallet to Form 8949 in three steps.
1
Paste or connect
A Polymarket or Hyperliquid address, a read-only Kalshi key, or a CSV. Nothing to sign.
2
We reconcile
Every fill, fee, settlement and funding payment matched into FIFO or HIFO lots. Anything odd gets flagged.
3
Export
Form 8949, a Schedule 1 summary and an audit trail behind every row, for your software or your accountant.
Treatment comparison
Same trades.
Four tax bills.
The IRS hasn’t said how event contracts are taxed. On the demo account the estimate runs from $305 to $509 depending on the treatment. We compute all four on your numbers, with the assumptions written out. You and your preparer make the call.
Est. federal tax · demo account
Net +$1,640.91 · 24% bracket
- Capital gains$393.82
- Section 1256 (60/40)Lowest$305.21
- Other income$393.82
- Gambling$509.59
Connectors
Each venue breaks your numbers differently.
We handle the quirks in code and tell you when something needs a human look.
Polymarket
Public address · free check
Fees are hidden in the fill
The taker fee is the gap between USDC paid and size × price. We recover it per fill and add it to cost basis.
Losses you never redeemed
Most losing positions are never redeemed on-chain. We settle them at zero on the market end date so the loss is not lost.
Redeems without a token id
Many redemptions only carry the winning outcome index. We map them back to the token you held.
Polymarket taxes
Kalshi
Read-only API key
Section 1256 is on the table
Kalshi lists on a regulated exchange, which is why 60/40 treatment is discussed. It is unsettled; we show it next to the alternatives.
Yes and no are separate lots
Each side of each ticker is its own instrument, so a hedge does not silently net against a position.
Scalar and voided markets
Settlements use the published value per contract, so scalar and voided markets close at the right price.
Kalshi taxes
Hyperliquid
Public address · free check
Funding is tracked separately
Hourly funding is income, not a disposal. We keep it apart so it can be treated on its own.
Shorts and flips
A fill that closes a short and opens a long is split correctly, with the fee prorated across both legs.
Fees in the base token
Spot fees charged in the base token are valued at the fill price, so basis stays exact.
Hyperliquid taxes
Pricing
Free to check. Pay once per tax year.
One payment covers the whole year: re-import and re-export any time.
Trader
For a season of casual positions.
$49/ year
$4.08/mo · save $299 vs monthly
Up to 1,000 trades
Active
Most popularFor daily traders and market makers.
$129/ year
$10.75/mo · save $699 vs monthly
Up to 20,000 trades
Whale
For bots, size and multi-wallet setups.
$299/ year
$24.92/mo · save $1,609 vs monthly
Unlimited trades
Accountant? Pro is $49/mo for 10 clients.
Questions, answered precisely.
Are Polymarket and Kalshi winnings taxable?
For US taxpayers, yes. Income from all sources is taxable whether or not you receive a form. The open question is how it is taxed: as capital gains, Section 1256 contracts, other income or gambling. The IRS has not ruled on prediction-market contracts, which is why we calculate all four side by side instead of picking one.
Which tax treatment is correct for prediction markets?
There is no IRS ruling yet. OddsFile shows the estimated result of each treatment with the assumptions spelled out, so you and your tax professional can make the call with real numbers. We never recommend a treatment and we never file anything.
Does Kalshi send a 1099 for my trading gains?
Kalshi’s 1099s cover items like interest and rewards; the trading result appears on its annual Profit and Loss statement as a single FIFO net figure, not trade-by-trade cost basis. Our report rebuilds every fill and settlement, reconciles to that figure and keeps an audit trail if you are ever asked.
Will I get a Form 1099-DA for Polymarket or Hyperliquid?
Form 1099-DA reporting by US custodial brokers starts with 2025 digital-asset sales. On-chain activity from a self-custodied wallet usually is not reported by a broker, so the record-keeping is on you. Our exports are built from on-chain data and venue APIs, one row per disposal.
What is the difference between FIFO and HIFO?
They decide which lot a sale closes. FIFO sells your oldest shares first. HIFO sells the highest-cost shares first, which usually realizes the smallest gain. Switch between them in the report and every number, export and treatment updates. Use one method consistently and keep the records that support it.
Do you store my wallet or API keys?
Wallet checks read public data only. Kalshi keys must be read-only; in the current version a key is sent to our server, used for that single import and discarded. It is never written to disk, a database or our logs. Encrypted storage for automatic re-syncs comes later and can be deleted on request.
How are Hyperliquid perps and funding handled?
Every fill, funding payment and transfer is imported from the public API. Perp closes become disposals; funding is reported separately as income because its treatment may differ. Spot and outcome markets are tracked as separate instruments inside the same account.
Do you prepare or file my return?
No. OddsFile is software that organizes your trading data and estimates outcomes. Hand the Form 8949 CSV and audit trail to your tax software or your accountant.
See your real P&L in 30 seconds
Paste a wallet. No signup, no keys, nothing stored.