The IRS says it is not bound by oral advice. Ignoring that rule, we did received the statement below from an IRS agent by email.
Digital currency like Bitcoin would only be reportable if it is held in account with a financial institution or someone acting as a financial institution. It is digital currency held in a digital wallet, not in a financial institution. The digital wallet is not a foreign financial account. In that form. it is not reportable on FBAR.
Need FBAR help, email an experienced tax attorney with your questions at ddnelson@gmail.com
Digital currency like Bitcoin would only be reportable if it is held in account with a financial institution or someone acting as a financial institution. It is digital currency held in a digital wallet, not in a financial institution. The digital wallet is not a foreign financial account. In that form. it is not reportable on FBAR.
Need FBAR help, email an experienced tax attorney with your questions at ddnelson@gmail.com
