The US Internal Revenue Service (IRS) declared during a 4th June webinar that US taxpayers are not required to report bitcoin on Financial Crimes Enforcement Network (FinCEN) Form 114, a document also known as the Report of Foreign Bank and Financial Account (FBAR), for this year’s tax season.
The move is the latest guidance offered to US taxpayers on the subject of bitcoin, coming months after the government agency ruled that bitcoin would be taxed as a property rather than a currency.
The analyst, Rod Lundquist, announced the policy guidance when asked about bitcoin during the webinar, saying:
The IRS official went on to acknowledge that this policy is subject to change as the IRS clarifies its policies on digital currencies. He added that the agency continues to review its policies regarding bitcoin and that the FBAR guidance in particular may be adjusted in the future.
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