I understand that reporting requirements aren’t just limited to USD, that was just for my example. But thank you for the response, I appreciate it. And thanks IRS for not making us fill out FBARs this year for crypto held on foreign exchanges. What a load off of my mind.
I love it!! OK guys, the first thing I tought of when I heard this come out of his mouth was “I wonder what his FBAR looks like”. I’m Twisted. Just Twisted.
Has anyone had an experience with filing their FBAR return last year that they’d like to include here on The Pub? Jidanni! I’m hoping you are out there and want to weigh in on this.
I filed an FBAR for a client last year- was pretty straight forward. I googled Headquarters information for the exchange.
Thanks Rebecca: did they have offshore crypto on an exchange?? If so, did the client ever hear from either Treasury or the IRS about the filing??
The reason I ask is that the instructions for the FBAR and the 8938 do not use the word “cryptocurrency” and I’m (still this year) to some degree doubtful that either have to be filed if you hold crypto offshore say in a hard wallet. If there was any feedback from them regarding whether to file I’d like to hear that.
I’m still going on all of the conversation that was posted here last tax season. It appears that NOTHING HAS CHANGED.
Client had crypto on Cryptopia. No- he hasn’t heard anything since it was filed and accepted. Client insisted on filing- he wanted to be safe than sorry.