Bitcoin Forum

Bitcoin => Legal => Topic started by: Paladin69 on November 20, 2012, 05:13:12 AM



Title: What is an FBAR?
Post by: Paladin69 on November 20, 2012, 05:13:12 AM
Listening to Trace Meyer here and he talks about needing to file an FBAR...  https://www.youtube.com/watch?v=kxQTcR4hoh8

My account at Mt. Gox has never had more than $10,000 in the account at one time, but I have done more than $10,000 in transactions over the many months.  I'm a bit confused on what to do here or what this means in terms of taxes owed.


Title: Re: What is an FBAR?
Post by: DeathAndTaxes on November 20, 2012, 05:15:39 AM
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-(FBAR)

I have never heard of transaction volume mattering for FBAR filing.  It only matters if the value of the account is >$10K. 


Title: Re: What is an FBAR?
Post by: Paladin69 on November 20, 2012, 05:24:39 AM
Awesome.  Very good to know.


Title: Re: What is an FBAR?
Post by: TheButterZone on November 20, 2012, 08:49:03 AM
If you need to file an FBAR, prepare to get FUBAR?


Title: Re: What is an FBAR?
Post by: DeathAndTaxes on November 20, 2012, 02:02:10 PM
If you need to file an FBAR, and didn't pay taxes on profits you should have paid taxes on anyways, prepare to get FUBARed!

FYPFY

Not really different than getting caught in any other type of tax evasion.