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Cryptocurrency and the FBARCryptocurrency and the FBAR

Reporting requirements that every estate planner should know.

Ruth Mattson, Partner

October 18, 2018

10 Min Read
mattson1118
Cryptocurrency on a circuit board

Jeopardy! Answer: It has no filing fee, no associated tax, but if you don’t report your Bitcoin on it, you may lose half your account. Question: What is the Foreign Bank Account Report (FBAR)?

If you or your clients have been investing in cryptocurrencies, you might be surprised to hear that Bitcoin and other cryptocurrencies may be reportable on the FBAR. In fact, if you’ve heard elsewhere that cryptocurrencies don’t belong on the FBAR, you’re not alone. A quick search of the Internet shows national confusion on this question,1 and the Internal Revenue Service hasn’t offered guidance yet. The IRS has confirmed that income and gains from cryptocurrency transactions must be reported on income tax returns, but there’s no official position a...

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About the Author

Ruth Mattson

Partner, Verrill Dana LLP

RUTH MATTSON is a Partner at Verrill Dana LLP, in Boston, Massachusetts, where they provide estate planning and tax services for individuals and families, particularly families with international assets and multinational family members. 

Ruth is a frequent speaker and author on international estate planning topics for the American College of Trust Counsel (ACTEC), Massachusetts Continuing Legal Education, and other professional organizations around the world. 

Ruth received their J.D. from Temple University Beasley School of Law in Philadelphia, Pennsylvania, and their LL.M. from Boston University School of Law’s Graduate Tax Program.  They are a Lecturer at Boston University School of Law, a Fellow of ACTEC, a former co-chair of STEP New England, and a recipient of the President’s Award from the Boston Estate Planning Council.