Presently, there is no requirement to report a foreign virtual currency account. But, this will change shortly.
The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account.
So, it won’t be long before foreign virtual currency accounts are subject to the Report of Foreign Bank and Financial Accounts (FBAR) regulations’ reporting requirements.
And remember, the Form 1040 tax return requires a response about virtual currency accounts right under the name and address section.
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