What is the difference between reporting cryptocurrency on Form 8938 and FBAR?

7 answers

• Mohammed BallariOct 01, 2022 · 3 years ago
  When it comes to reporting cryptocurrency, there are two forms that you need to be aware of: Form 8938 and FBAR. Form 8938 is used to report specified foreign financial assets, including virtual currency, if the total value of those assets exceeds certain thresholds. On the other hand, FBAR (Foreign Bank Account Report) is used to report foreign financial accounts, including cryptocurrency exchanges, if the total value of those accounts exceeds $10,000 at any time during the calendar year. So, the main difference lies in the types of assets being reported. While Form 8938 focuses on specified foreign financial assets, FBAR includes all foreign financial accounts, which may or may not include cryptocurrency exchanges.
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• Alejandro AzconaFeb 11, 2023 · 3 years ago
  Reporting cryptocurrency on Form 8938 and FBAR may seem similar, but there are some key differences. Form 8938 is filed with your federal tax return and is used to report specified foreign financial assets, including virtual currency, if their total value exceeds certain thresholds. On the other hand, FBAR is filed separately from your tax return and is used to report foreign financial accounts, including cryptocurrency exchanges, if their total value exceeds $10,000 at any time during the year. While both forms require reporting of cryptocurrency, Form 8938 focuses on specified assets, while FBAR includes all foreign financial accounts.
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• AnmolDevopsNov 08, 2023 · 2 years ago
  Let me break it down for you. Reporting cryptocurrency on Form 8938 and FBAR involves disclosing your holdings in virtual currency. However, the main difference lies in the scope of assets being reported. Form 8938 is used to report specified foreign financial assets, including virtual currency, if their total value exceeds certain thresholds. On the other hand, FBAR is used to report foreign financial accounts, including cryptocurrency exchanges, if their total value exceeds $10,000 at any time during the year. So, while both forms require reporting of cryptocurrency, Form 8938 focuses on specified assets, while FBAR includes all foreign financial accounts.
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• Anar DashdavaaMay 22, 2024 · a year ago
  Ah, the difference between reporting cryptocurrency on Form 8938 and FBAR. It's a common question. Here's the deal: Form 8938 is used to report specified foreign financial assets, including virtual currency, if their total value exceeds certain thresholds. It's filed with your federal tax return. On the other hand, FBAR is a separate report that you file with the Financial Crimes Enforcement Network (FinCEN) to disclose foreign financial accounts, including cryptocurrency exchanges, if their total value exceeds $10,000 at any time during the year. So, in a nutshell, Form 8938 focuses on specified assets, while FBAR covers all foreign financial accounts.
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• Hedrick TennantOct 07, 2020 · 5 years ago
  As an expert in the field, I can tell you that reporting cryptocurrency on Form 8938 and FBAR is not the same thing. Form 8938 is used to report specified foreign financial assets, including virtual currency, if their total value exceeds certain thresholds. It's filed with your federal tax return. On the other hand, FBAR is a separate report that you file with FinCEN to disclose foreign financial accounts, including cryptocurrency exchanges, if their total value exceeds $10,000 at any time during the year. So, while both forms involve reporting cryptocurrency, they have different reporting requirements and thresholds.
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• Jam ArdinesJul 22, 2023 · 2 years ago
  When it comes to reporting cryptocurrency, it's important to understand the difference between Form 8938 and FBAR. Form 8938 is used to report specified foreign financial assets, including virtual currency, if their total value exceeds certain thresholds. It's filed with your federal tax return. On the other hand, FBAR is a separate report that you file with FinCEN to disclose foreign financial accounts, including cryptocurrency exchanges, if their total value exceeds $10,000 at any time during the year. So, while both forms require reporting of cryptocurrency, they have different reporting procedures and thresholds.
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• OllaOct 12, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, can shed some light on this. When it comes to reporting cryptocurrency, there are two forms you need to know: Form 8938 and FBAR. Form 8938 is used to report specified foreign financial assets, including virtual currency, if their total value exceeds certain thresholds. It's filed with your federal tax return. On the other hand, FBAR is a separate report that you file with FinCEN to disclose foreign financial accounts, including cryptocurrency exchanges, if their total value exceeds $10,000 at any time during the year. So, the main difference lies in the types of assets being reported. While Form 8938 focuses on specified foreign financial assets, FBAR includes all foreign financial accounts, which may or may not include cryptocurrency exchanges.
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