What are the differences between 8938 and FBAR reporting requirements for cryptocurrency holders?

1 answers

• Mar 06, 2022 · 3 years ago
  When it comes to reporting requirements for cryptocurrency holders, there are two main forms to consider: Form 8938 and FBAR. Form 8938 is a tax form that is filed with the IRS and is used to report specified foreign financial assets, including cryptocurrency, if the total value exceeds certain thresholds. FBAR, on the other hand, stands for Foreign Bank Account Report and is a separate filing requirement that applies to individuals who have a financial interest in, or signature authority over, foreign financial accounts, including cryptocurrency exchanges located outside the United States. While there may be some overlap between the two forms, it's important to understand the specific requirements and thresholds for each form to ensure compliance with the reporting obligations.
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