What are the reporting obligations for cryptocurrency holders under FBAR in 2021?

3 answers

• Dec 27, 2021 · 3 years ago
  As a cryptocurrency holder, you may have reporting obligations under FBAR (Foreign Bank and Financial Accounts) in 2021. FBAR requires U.S. persons to report their financial accounts held outside of the United States if the total value of those accounts exceeds $10,000 at any time during the calendar year. This includes cryptocurrency accounts held on foreign exchanges. The deadline for filing FBAR is April 15th, but an automatic extension until October 15th can be requested. It's important to note that failure to comply with FBAR reporting obligations can result in severe penalties.
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• Dec 27, 2021 · 3 years ago
  Hey there! So, if you're holding cryptocurrency and you're a U.S. person, you gotta pay attention to FBAR. Basically, if the total value of your foreign financial accounts, including your crypto accounts on foreign exchanges, exceeds $10,000 at any point during the year, you gotta report it. The deadline for filing FBAR is April 15th, but you can get an extension until October 15th if you need more time. Just remember, not reporting can lead to some serious penalties, so better stay compliant!
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• Dec 27, 2021 · 3 years ago
  BYDFi here! Just a heads up, if you're a cryptocurrency holder in the U.S., you need to be aware of your reporting obligations under FBAR. FBAR requires you to report your foreign financial accounts, including cryptocurrency accounts on foreign exchanges, if the total value exceeds $10,000 at any time during the year. The deadline for filing FBAR is April 15th, but you can request an extension until October 15th. Make sure to comply with these obligations to avoid any penalties. If you have any questions, feel free to reach out to us!
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