/biz/ - Business & Finance

>>6758795
Be careful. Most lawyers say otherwise. The answer is not concrete.....all that publication says is that they don't treat crypto like foreign currency. If you are holding crypto on an exchange, that may be considered as a foreign account if you are using Binance or Bitfinex. You should look online for crypto lawyers that list these things out.

https://www.goldinglawyers.com/do-i-report-bitcoin-on-an-fbar-or-fatca-form-8938/

Again, a lot of people won't get audited or caught, but many will. The IRS forces you to prove that you are innocent. If you can't gather cost basis data on your 1000 trades, they may put you in a situation where the basis must be calculated at $0 on everything. You could owe a lot of money.

Anyone with lots of crypto gains should file an extension to see what happens....let other people be the guinea pigs. Wait until October and see if they clarify any of this stuff for you.