WagerMintsKalshi tax calculator
Last reviewed October 27, 2026
Every position that made money this year.
Every position that lost money, as a positive number.
Net result: $10,000. Federal tax this year from this trading, at 24%:
Capital gains
$10,000 short-term gain at 24%.
$2,400
Ordinary income
$10,000 at 24%.
$2,400
Gambling
$30,000 winnings at 24%, losses count for nothing without itemizing.
$7,200
Section 1256 (60/40)lowest
60% at 15% and 40% at 24% on $10,000.
$1,860
The gap between the cheapest and the most expensive method is $5,340 of federal tax, for the same trades.
A rough estimate at one bracket rate, for this trading only. It leaves out the standard deduction effect, state tax and other income. Your own trades give the real numbers.
Where to get the numbers
Download the realized P&L file from the Documents tab. It lists every closed position with its profit or loss. Add up the winners for the first box and the losers for the second. Don’t use Kalshi’s single profit figure: it blends in reward credits. Which Kalshi file, and why.
Rewards and interest are separate
Liquidity rewards, rebates and referral credits are ordinary income, and so is interest on your balance. They’re taxed at your ordinary rate under every method, so this calculator leaves them out. Kalshi reports them on a 1099-MISC and 1099-INT once they pass the thresholds.
The 60/40 method on Kalshi
Section 1256 needs a CFTC-designated exchange, and Kalshi is one, so the 60/40 method is on the table. Whether event contracts qualify is still argued, and a CFTC proposal to treat them as swaps cuts against it. Both sides of the 60/40 question.
Not on Kalshi? Use the general calculator or the Polymarket version.
See your own year four ways
Upload your Kalshi P&L file and activity export to WagerMints for the exact figures, your reward credits split out, and the forms filled in. Free to run.
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