Foreign assets reporting requirementsIRS Form 8938: > $50,000 on the last day of the year or > $75,000 at any time during the year
FinCEN FBAR: > $10,000 at any time during the calendar year
1.
What is the market value of MTGOX Claim? I could not easily locate Tokyo Court disclosure to calculate the market value myself. Michael Hourigan of Fortress Investment Group LLC references that 14% of BTC will be distributed to creditors. Also, Hourigan offers to buy the claim at discount. Does either 14% of BTC Claim or Hourigan offer constitute the market cash value?
2.
Is civil rehabilitation claim an asset reportable on FBAR and Form 8938?According to FinCEN instructions for FBAR
https://www.fincen.gov/sites/default/files/shared/FBAR%20Line%20Item%20Filing%20Instructions.pdf :
Financial Account. A financial account includes, but is not limited to, a securities, brokerage,
savings, demand, checking, deposit, time deposit, or other account maintained with a financial
institution (or other person performing the services of a financial institution). A financial
account also includes a commodity futures or options account, an insurance policy with a cash
value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in
a mutual fund or similar pooled fund (i.e., a fund that is available to the general public with a
regular net asset value determination and regular redemptions).
For IRS Form 8938, a foreign asset includes "Any interest in a foreign entity, such as ...
foreign estate or trust".
According to sources cited lower, cryptocurrency accounts on foreign exchanges are not reportable on FinCEN FBAR and possible reportable on IRS Form 8938. However, MTGOX Civil Rehabilitation Claim is not an exchange account; it is a claim in a civil rehabilitation estate.
https://www.jdsupra.com/legalnews/irs-hints-at-form-8938-requirements-for-21273/https://www.forbes.com/sites/baldwin/2019/07/18/bitcoin-irs-takes-on-the-crooksand-the-good-guys/?sh=5a3f95a14248Any information would be greatly appreciated.