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What are the latest FinCEN 114 instructions for reporting cryptocurrency transactions in 2021?

avatarReynolds JuulDec 26, 2021 · 3 years ago3 answers

Can you provide the latest instructions from FinCEN 114 on how to report cryptocurrency transactions in 2021? I want to make sure I am following the correct guidelines to avoid any legal issues.

What are the latest FinCEN 114 instructions for reporting cryptocurrency transactions in 2021?

3 answers

  • avatarDec 26, 2021 · 3 years ago
    Certainly! The latest instructions from FinCEN 114 for reporting cryptocurrency transactions in 2021 require individuals and businesses to report their cryptocurrency holdings and transactions if they meet certain criteria. The reporting threshold is $10,000 or more in aggregate value of cryptocurrency holdings at any point during the year. The instructions specify that Form 114, also known as the Report of Foreign Bank and Financial Accounts (FBAR), should be used to report these transactions. It is important to accurately report all cryptocurrency transactions to comply with the regulations and avoid potential penalties.
  • avatarDec 26, 2021 · 3 years ago
    Reporting cryptocurrency transactions can be a bit confusing, but it's important to stay compliant with the latest FinCEN 114 instructions. In 2021, if you have a total of $10,000 or more in cryptocurrency holdings at any time during the year, you are required to report your transactions. The instructions state that you should use Form 114, also known as FBAR, to report your cryptocurrency holdings. Make sure to accurately report all your transactions to avoid any legal issues.
  • avatarDec 26, 2021 · 3 years ago
    As an expert in the field, I can tell you that the latest FinCEN 114 instructions for reporting cryptocurrency transactions in 2021 are quite straightforward. If you have a total of $10,000 or more in cryptocurrency holdings at any point during the year, you are required to report your transactions. The instructions state that you should use Form 114, also known as FBAR, to report your cryptocurrency holdings. It's important to follow these instructions accurately to ensure compliance with the regulations.