Oh, just thought of something else.
Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
Yes. That avoids the filing requirement. (If it never reached US$10K in value on foreign land).Regarding my statement above, I would need to file that form...unless
Unless I export the bitcoins (value of $5K) to a wallet after purchasing. Then price doubles to $10K. But, the bitcoins are in my wallet, no longer in the account. So the account value never exceeded $10K. The value of my wallet did though!
There are other ways to avoid it, but that would suffice.
IRS rules are often weird that way. They seem designed to encourage some arbitrary behaviors vs others.
Do you guys realize that if one of your foreign accounts ever reaches over 10k, you need to report all your foreign accounts irrespective of their balance?
I have foreign account 1: 11,000$, f account 2: 2,000$ f account 3: 500$ f account 4: 0$
I need to report account numbers of all 4 accounts
I have foreign account 1: 100$, F account 2: 200$, f Account 3: 5,000$
don't need to report any account numbers on the 3 accounts
