On: Do you have to file an FBAR for a bitcoin account?

[seanmcdirmid]

And how is this not any different from our reporting requirements now? Any bank account we (US citizens) have over $10k must be reported.

[ojbyrne → seanmcdirmid]

I don't think that's quite true. Any _foreign_ bank account over $10k must be reported. However US bank accounts may be reported by the banks directly.

[seanmcdirmid → ojbyrne]

Yes, but the effect is the same: just if we have foreign bank accounts, we must report them ourselves. They are all reported.

[ojbyrne → seanmcdirmid]

Of course. I'm just not sure about whether domestic bank accounts are reported.

[chiph → seanmcdirmid]

It's actually a validation of Bitcoin as another currency. What this (proposed/speculative) law says is that Bitcoin is equally valid as the Euro or Yen, and thus a "foreign currency holding" which must be reported.

[iaw → chiph]

Validity of bitcoin as a currency is irrelevant. What is relevant is that a US citizen can possess a cash-equivalent that behaves in a fashion similar to foreign currencies or commodities. The tax law is pretty clear on investments and cash-equivalents, bitcoin is both without addressing a question of currency status.

[jstanley → seanmcdirmid]

Because it's just something you have, which might be worth $10k if you sold it.

If you own a car worth over $10k, do you need to report that?

[iaw → jstanley]

Until explicitly stated otherwise bitcoins are considered, by definition, a cash-equivalent for US citizens. I take it you don't file taxes in the US (or at least don't have very many assets)?

[gamblor956 → jstanley]

A car is not a liquid asset. Bitcoins do purport to be liquid assets.

[loumf → jstanley]

If someone pays you in cars, yes.

[mbetter → jstanley]

If it's held in a foreign account, for sure.