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However, as the IRS shapes on Form.

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Crypto Taxes Explained For Beginners - Cryptocurrency Taxes
Form While relatively few cryptocurrency investors (and businesses that accept Bitcoin and other cryptocurrencies as payment) will need. While the IRS views crypto as property rather than cash, American expatriates still must report foreign-held or -acquired cryptocurrency over a certain amount. Form is the IRS counterpart for the FBAR, or Foreign Bank Report, which certain holders of foreign bank accounts must file with FinCEN. Form was added.

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At this time, these tokens likely do not need to be reported on an FBAR. A foreign financial institution includes investment vehicles such as foreign mutual funds, foreign hedge funds and foreign private equity funds. Because cryptocurrency is a relatively new phenomenon, American expats can be unaware of the tax filing requirements of owning it.