Chuck Rubin has posted regarding the status of cryptocurrencies in the eyes of the U.S. Treasury. Specifically, he points out that, at least unofficially, reporting ownership of cryptocurrencies on 2013 tax returns does not appear to be required, and they are not considered “financial accounts.”
Charles Rubin, “Bitcoins Do Not Require FBAR Filing,” RUBIN ON TAX (Jun. 8, 2014).
Posted by Morgan Yuan, Esq., Associate Editor, Wealth Strategies Journal.