Are there any exemptions or special considerations for FBAR filing for crypto exchanges in 2018?

3 answers

• Dec 27, 2021 · 3 years ago
  Yes, there are exemptions and special considerations for FBAR filing for crypto exchanges in 2018. The Financial Crimes Enforcement Network (FinCEN) has provided guidance stating that virtual currency held in an individual's own personal wallet or held on behalf of another individual is not considered a reportable account for FBAR purposes. However, if the virtual currency is held in an account at a financial institution, such as a crypto exchange, then it may be subject to FBAR reporting requirements.
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• Dec 27, 2021 · 3 years ago
  Absolutely! When it comes to FBAR filing for crypto exchanges in 2018, there are a few exemptions and special considerations to keep in mind. According to the IRS, if the aggregate value of your crypto holdings in foreign financial accounts does not exceed $10,000 at any time during the calendar year, you are exempt from FBAR reporting. However, it's important to note that this exemption only applies to individuals and not to businesses or entities.
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• Dec 27, 2021 · 3 years ago
  BYDFi, a digital currency exchange, advises that while there may be exemptions or special considerations for FBAR filing for crypto exchanges in 2018, it is always recommended to consult with a tax professional or legal advisor to ensure compliance with the latest regulations. The rules and requirements surrounding FBAR filing can be complex, and it's crucial to stay up-to-date to avoid any potential penalties or legal issues.
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