Tax Reporting Is Your Responsibility
Contest Vault is a self-managed contest option, which means tax reporting for any winnings is handled entirely by you, the individual user — not by LeagueSafe.
What LeagueSafe Does (and Doesn't) Do
To be clear about where LeagueSafe's role begins and ends with Contest Vault contests, LeagueSafe does not:
Collect tax IDs (such as a Social Security Number or EIN) from winners
Calculate any taxes owed on winnings
Provide tax advice
Issue tax forms, such as a 1099, on behalf of contest winners
What This Means for You
If you receive winnings through Contest Vault, it's up to you to determine:
Whether those winnings need to be reported to the IRS or your local tax authority
What tax obligations, if any, apply to your situation
Tax rules can vary based on factors like the amount won, your location, and your individual circumstances, so there's no one-size-fits-all answer.
Our Recommendation
We recommend consulting with a qualified tax professional to understand your specific reporting requirements and obligations related to Contest Vault winnings.
For more details, you can also review our Terms of Service.