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Title: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: Stephen Gornick on June 28, 2011, 05:01:57 AM Quote Each year by June 30th, US taxpayers are obliged to report all foreign financial accounts in which they have either a beneficial interest or signature authority, so long as the aggregate value of all the accounts exceeds $10,000 at any time during the calendar year. The form is known as the FBAR. - http://www.zerohedge.com/article/guest-post-dont-forget-deadline-come-clean-thursdayI'm curious if Bitcoins held in a wallet on my PC might somehow be considered a "foreign financial account". How about bitcoins held at an exchange in Japan (Mt. Gox) or Chile (TradeHill), perhaps? Or in an anonymous eWallet accessible only through Tor and whose location is unknown? The only thing I've seen regarding this is: Quote I am not a tax lawyer/CPA/etc, so don't take any of this as advice. But here is my opinion: - http://forum.bitcoin.org/index.php?topic=8090.msg118242#msg118242Bitcoin is not associated with any foreign country, so I don't believe FBAR regulations will apply. Title: Re: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: dr.bitcoin on June 28, 2011, 05:05:15 AM Than only leaves us 2 days to report all our exchange accounts? Jeez, that's not a lot of time ;D
How do I know MtGox has not reported my account already? I would hate to burden the IRS with double work... Title: Re: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: Stephen Gornick on June 28, 2011, 05:08:45 AM Than only leaves us 2 days to report all our exchange accounts? The report covering 2010 is due June 30, 2011. How do I know MtGox has not reported my account already? The FBAR is filed by not by the foreign entity but by the U.S. taxpayer. Also, MtGox is located in Japan though I don't know what their U.S. subsidiary Mutum Siligum reports. Title: Re: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: error on June 28, 2011, 05:11:18 AM Why do they call it "Come Clean"? It's not as if not telling armed robbers where to find your money is a bad thing.
Title: Re: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: Anonymous on June 28, 2011, 05:12:42 AM Quote Each year by June 30th, US taxpayers are obliged to self incriminate fix'd Title: Re: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: Stephen Gornick on June 28, 2011, 05:14:34 AM More from
Quote The gold ruling is new this year, and we first reported this back in March. The Financial Crimes Enforcement Division (FinCEN) made it quite clear that any gold held in the custody of another firm or individual constituted a foreign financial account and needs to be reported on the FBAR. - http://www.sovereignman.com/expat/dont-forget-to-come-clean-fbarFrankly I’m starting to believe that this was part of a larger movement to recast gold as a ‘financial instrument,’ subjecting precious metals to regulation, control, and potential confiscation. Given what we’re seeing now with so many brokerages cutting off their OTC gold contracts, this hypothesis is becoming more credible. I’ll have more on this working theory in another letter. Title: Re: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: dr.bitcoin on June 28, 2011, 05:18:35 AM MtGox may be located in Japan, but Mark is (I think) an American citizen.
I guess if the IRS/FBI/etc. would bark at him, he would fill our FBAR paperwork in no time :-) Stephen, I am being sarcastic ;D I know we're the ones supposed to do it, not him :) Title: Re: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: Stephen Gornick on February 18, 2012, 06:14:06 PM Just to put a bookend on this post, discussion on this specific topic continues here:
- http://bitcointalk.org/index.php?topic=55260.0 Title: Re: "Come Clean Thursday" - 2010 FBAR due to IRS June 30, 2011 Post by: Seal on February 22, 2012, 12:25:41 AM Quote Each year by June 30th, US taxpayers are obliged to report all foreign financial accounts in which they have either a beneficial interest or signature authority, so long as the aggregate value of all the accounts exceeds $10,000 at any time during the calendar year. The form is known as the FBAR. How about bitcoins held at an exchange in Japan (Mt. Gox) or Chile (TradeHill), perhaps? More importantly and more obviously... how about CASH held at an exchange at Gox or TH...? |