Created by: Mr. Brightside
“The only two certainties in life are death and taxes” – Mark Twain.
FaucetGamers members are responsible for any and all tax liability arising from or associated with your use of this Website. Non-US users please follow the tax reporting code found in your country. We by no means can disseminate information about individual tax cases.
For US citizens, a taxable event is when you withdrawal from the site, and FaucetGamers sends you payment. You are responsible to report all income on your taxes even if we don't require any further tax information from you. We will not contact you for further tax information until you reach a $600 threshold in withdrawals for a given year.
Upon reaching $600 or more in withdrawals in one calendar year, you will be prompted to fill out the required tax information about yourself. We will hold your payment until this information is filled out.
As a business in the United States, FaucetGamers is required by law to report income over $600. You will receive either a mail or electronic version of form 1099-NEC and be required to report it on your taxes. Details of this form can be found here. You will receive this 1099-NEC at the latest January 31.
We will electronically collect and submit your information in a secure fashion using a tax verification company: https://www.tax1099.com/
FaucetGamers will try but will not be required to notify you if your withdrawals begin to approach this $600 threshold
Examples of tax cases:
1. John is a US citizen and earns $800 on FaucetGamers from surveys, faucet, and the Crypto Pirate game in a year. He withdrawals $500 in one year. He will not be required to submit his tax information. Even though he earned over the $600 threshold, his earnings are not taxable until he requests to withdrawal them. He could use them on other site activities, so his earnings are technically not his until payment is sent.
2. Tom earns $640 and is from Canada. He requests a withdrawal for all his money in a calendar year. He will not need to put in his tax information, as he is not a US citizen.
3. Susan is from the US and earns $400 in one year and $210 in the next. She requests to withdrawal all her money though in one year. She will be required to submit her tax information to receive any withdrawal requests over $600.