Internet of Things (IoT) is a world wide network of interconnected objects. IoT capable objects will be interconnected through wired and wireless communication technologies. However, cost-effectiveness issues and accessibility to remote users make wireless communication as a feasible solution. A majority of possibilities have been proposed but many of these suffer from vulnerabilities to dynamic environmental conditions, ease of access, bandwidth allocation and utilization, and cost to purchase spectrum. Thus trends are shifting to the adaptability of Cognitive Radio Networks (CRNs) into IoT. Additionally, ubiquitous objects with cognitive capabilities will be able to make intelligent decisions to achieve interference-free and on-demand services. The main goal of this paper is to discuss how CR technology can be helpful for the IoT paradigm. More precisely, in this paper, we highlight CR functionalities, specially spectrum sensing in conjunction with cloud services to serve as self-reconfigurable IoT solutions for a number of applications.