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Author: Admin | 2025-04-28
Network(FinCEN). Note that although the filing deadline is the same as the tax return, the FBAR filing is not part of the tax return and is filed separately/directly with FinCEN.For crypto traders, this means that if your holdings at a non-US-based exchange exceeded $10,000 at any given point of the year, you will need to file Form 114 with FinCEN. Further, if you have two foreign exchange accounts that each had a maximum of $5,001, then you still need to file an FBAR, since the aggregate is over $10,000.Filing Crypto Taxes: Taxes On Crypto Held In A Financial exchange, Crypto Bank Account, Crypto Managed FundOn top of that, if you hold your cryptocurrency on a Financial Exchange, in a Crypto Bank Account, or you invested in a Crypto Managed Fund, you may have to file a Form 8938. This form is related to the Foreign Account Tax Compliance Act (FATCA). This act was meant to facilitate financial reporting between the US and more than 110 other countries and over 300,000 Foreign Financial Institutions.Read more about FATCA and its requirements for US taxpayers.Crypto Tax Extension: How To File For A Crypto Tax Extension?If you have run out of time and do not think you can file your tax forms by April15th, you can file a 6-month extension to get your returns in order. Some people only need 15 minutes to get their taxes down by our software, but some people have very complicated transactions and need more time. Once you file the extension request to the IRS, you will have until Oct 15th to file your tax return.It’s important to note that filing an extension does not mean you don’t have to pay the taxes you owe on April 15th. An extension gives you more time to do your accounting and
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