I have searched high and low but there doesn't seem to be a consensus on whether to report on either FBAR or FATCA (if one is mandated to do so under reporting requirements) if the coins/tokens are NOT held in a foreign exchange but instead held personally, offline, such as a printed wallet or a hardware wallet.
I know this is new territory but IRS so far has not issued and definitive statements for tax year 2017 that I could find.
Can anyone shed some light on this?
Cryptocurrencies and FBAR/FATCA
Moderator: Mark T Serbinski CA CPA
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- Posts: 3
- Joined: Mon Jul 18, 2022 4:49 pm
Re: Cryptocurrencies and FBAR/FATCA
Can religion prohibit the use of crypts?
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- Posts: 2
- Joined: Mon Jul 11, 2022 2:54 pm
Re: Cryptocurrencies and FBAR/FATCA
I don't think religion can forbid the use of currency. When Islam was invented, no one would have thought that digital currencies would appear. Most importantly, you spend the income from crypto on good things. I tried to trade cryptocurrency many times but was afraid of taking risks. So I decided to invest crypto as a deposit. On this website https://hodlrate.com/, I found platforms that offer high interest for crypto. This is the most reliable way to earn money on cryptocurrency.