Farcaster

Having to 1099 to use Farcaster wallet is an extreme bummer. I know there isn’t a way around it, but it’s a non starter for most people. 

Coinbase wallet isn’t going to make you 1099 to use their product. So there is a legal route, but I understand not wanting to risk it.

product & marketing @teller 





























































hosting /kieran /usdc /loans /disclosure 🛸

Quickly learned this from this post! 🤣 Ty for the reply tho 

I thought before that it was you have to 1099 after you reach $600 threshold

You don't have to 1099 to use Farcaster Wallet.

You have to 1099 to get rewards.

I can guarantee you 100% that Coinbase will follow IRS rules.

Stay Curious // iixii // Head of Crypto at https://www.lazertechnologies.com/  // Prev: CoinDesk, Roc Nation // based @basedevo

Rome, Metropolitan City of Rome Capital, Italy

I think it's once you're past the $600 threshhold (as long as you're not in a sanctioned country)

So I think anyone can use the wallet and earn up to $600 without having to fill out a 1099, right @ted ?

Good point. Is it just to claim rewards or is there a $600 threshold in general?

Do you have to 1099 to use it?  Or just to accept rewards?

Whatever your decentralized, borderless, neutral, censorship-resistant open blockchain question is, the answer is YES… to Crypto!

I believe they said that if you don’t do the form, they withhold any over $600 until you do the form

But I don’t know if they have a threshold where they stop accumulating.

You have to 1099 to receive $600 or more from any us company. 


At least that’s how I understand it

Nothing to do with using wallet

if you earn over $600 in rewards that come from coinbase, they're gonna make you 1099.

they do it for hackathon prizes too

Huh? This is not required to use Farcaster wallet. If someone told you this it is FUD.

If you opt in to receive rewards AND earn over $600 we need tax info. But this is totally optional and has nothing to do with the wallet.