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XRPto50dollars

US people.. have to report $$ to FinCEN

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40 minutes ago, XRPto50dollars said:

now you have me intrigued..
The version i see has it on Page 4

 

1.png

are you using a diferent site than the actual webpage?

https://bsaefiling1.fincen.treas.gov/lc/content/xfaforms/profiles/htmldefault.html

id love to see a screen shot

That's the right one.  Are you looking at the PDF or online version?  I have the pdf version

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29 minutes ago, LatentNewb said:

That's the right one.  Are you looking at the PDF or online version?  I have the pdf version

and thats why we're seeing different things. so back to your original question... did you ever figure out what # to use for your bitstamp account?

id assume the online version is easier, no? no need to mail it in.

Edited by XRPto50dollars

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1 minute ago, XRPto50dollars said:

and thats why we're seeing different things. so back to your original question... did you ever figure out what # to use for your bitstamp account?

id assume the online version is easier, no? no need to mail it in.

I did it this way because I figured this is exactly what would happen and I wouldn't have all the answers.   So no, I still don't know what to use for that.

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3 minutes ago, LatentNewb said:

I did it this way because I figured this is exactly what would happen and I wouldn't have all the answers.   So no, I still don't know what to use for that.

ill ask around. there has to be some designation somewhere

Edited by XRPto50dollars

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On 3/20/2018 at 3:22 PM, MegaNerd said:

How to fill out the Form for a Bitstamp Account
Be sure to have this in BY April 17th
~THIS IS NOT INVESTMENT ADVICE~

Bitstamp has three addresses. Makes most sense to use Luxembourg as the address....

5ab15975d9b46_ScreenShot2018-03-20at2_54_31PM.png.84e80a850b41dfed2cb71e76428d62f7.png

Luxembourg is a country... and Luxembourg is a city, so you will use Luxembourg for both....
(image below is to show that the address is correct)

5ab15d05791d5_ScreenShot2018-03-20at3_05_36PM.thumb.png.20cd7b7d38e0e4d3ee9306cbadf81b72.png

Here is how you fill out the address for Bitstamp....

5ab15d2dc1b2f_ScreenShot2018-03-20at3_09_30PM.thumb.png.f5514ef617e3d0a0c723ed209f8076a0.png

 

And here is the rest of the form..

5ab15dc106cce_ScreenShot2018-03-20at2_43_05PM.png.1a12aea3a701ff7bdf295cb502253797.png

5ab15dca2d4b9_ScreenShot2018-03-20at2_42_38PM.thumb.png.175e56e00cbb49df11b997cb6d4c76e7.png

5ab15dd29f625_ScreenShot2018-03-20at2_45_24PM.thumb.png.af619187270ead86cb8db574ed3c46ac.png

ONLY FILL OUT THE PARTS YOU NEED TO!..

Then, scroll to bottom and click...

5ab15e54ecf2a_ScreenShot2018-03-20at3_17_18PM.png.177fb546685bc4580543a885a8a8d2e1.png

it will bring you back to the top to SIGN THE FORM:

5ab15e8e1b6f1_ScreenShot2018-03-20at3_18_12PM.thumb.png.4f2516dc4b1a15dd39f1bad3bf2de7e8.png

If there are any errors you will see..

 

5ab15ecd1fc68_ScreenShot2018-03-20at3_19_27PM.png.f8b10ebd310885dcd823d449550a84b4.png

Sign the form and click submit. 

 

IMPORTANT!!

BEFORE YOU BEGIN, PLEASE NOTE THE FOLLOWING The online FBAR form does not allow you to save your progress during completion.

After submission, a read-only copy of your FBAR will be available for download.

PRINT IT OUT!!!!!!!!!!!!!!!!

DO NOT BE DUMB. THIS IS NOT INVESTMENT ADVICE AND I CAN  NOT GUARANTEE THE ACCURACY OF THIS POST! THIS IS ONLY FOR BITSTAMP ACCOUNTS. FILL OUT YOUR OWN PERSONAL INFORMATION! DO NOT JUST BLINDLY COPY THE ABOVE IMAGES. DUH

Edit:

although i believe you have a free extension out to October 2018. Check to be sure. 

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i see thats an ongoing issue here. of course, life wouldnt be 'life' it there was no issue, right?

Per the instructions:

Quote

 

18. Account number or other designation Item 18. Provide the account number used by the financial institution to designate the account.

https://www.fincen.gov/sites/default/files/shared/FBAR Line Item Filing Instructions.pdf


 

the only thing i can think of would be to use your social security number... but DONT DO THAT yet. was there any other number you recieved when you signed up for bitstamp? any number, account number, login number? anything?

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@LatentNewb @XRPto50dollars i think it just figured it out..

Part I - number 3 - Filer Information requires you to input your social security number.

Quote

* 3 U.S.Taxpayer Identification Number

If you have to input your SSN here anyways...and #18 is requiring you to input an 'account number' which is the account number used by the financial institution to designate the account...

 then it only makes sense to me that your account number IS YOUR social security number!

unless bitstamp has in your account a unique number.. which it appears no one in this Topic has yet to show.. then again, the account number is probably your SSN.

What do you think?

Edited by MegaNerd

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IRS has ruled that every bitcoin transaction represents a taxable event? Not just investment entry and exit. Everything. This would be like having to record and report a dollar cost and sales basis every time you bought a hamburger. With failure to do so exposing you to criminal evasion charges. This alone represents the type of intractable friction that destroys a currency use case.

Many people may not bother with tax reporting, and block chain’s inherent anonymity features may offer sufficient obfuscation to do so. But, prostitutes and drug dealers aside, prudent professionals don’t expose themselves to such legal jeopardy. Which means using bitcoin for anything but speculation is a real Schedule D hassle.

Few governments take an ecumenical perspective on their monopolies. And fiat monopolies are the most lucrative of all. Bitcoin has thus far been left unmolested by governments because it is still a tiny market with very little broad saturation. But it would require breathtaking investor optimism to imagine the state would tolerate mass proliferation of a cash alternative. That would be to cede an enormous amount of economic power to the citizenry. And what respectable politician would allow that?

Edited by LAH

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On 3/25/2018 at 6:24 PM, Rutski said:

I have not filed my taxes yet. I bought on Coinabse and transferred to Binance to get XRP. If someone has done this, or used bitcoin tax.. could you give any insight do this? Thanks!

I used bitcoin.tax for the purpose of calculating my capital gains.  It was very helpful and I could import all of the data to TurboTax.  However you have to buy the disc or download the turbo tax software versus using the web based application.  I did not see anything in bitcoin.tax that prompted me to report any foreign accounts. However, TurboTax does prompt you for that.   Bitcoin.tax  cost me only $20 and it was  A great resource, IMO, allowing me to import data from multiple exchanges and doing a calculation on all of the trades I completed in 2017. But you should certainly do your own research.   Also, keep in mind, that filing your taxes is a separate task from filing the FBAR, if you are required to do so, based on the threshold amounts. If you want to be extra careful about this, it would be very wise to consult a tax professional. Good luck. 

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@MegaNerd

 

I just checked my welcome email from bitstamp and all I had was the login ID.  I doing it's that so so far, SSN is probably the only thing that reasonably makes sense right now.  I do know bitstamp requires that, so i could see them using it.

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12 minutes ago, LatentNewb said:

@MegaNerd

 

I just checked my welcome email from bitstamp and all I had was the login ID.  I doing it's that so so far, SSN is probably the only thing that reasonably makes sense right now.  I do know bitstamp requires that, so i could see them using it.

im pretty confident the SSN is the account number. seeing the SSN is required anyways, the only thing that would probably happen is a correspondence stating the account number is wrong.. and i doubt that would happen. 

Quote

provide the account number used by the financial institution to designate the account.

...what other number could it be? theres no reason for bitstamp to hide your account number

not sure what 'I doing it's that so so far' means :D

Edited by MegaNerd

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26 minutes ago, Sharkey said:

I did not see anything in bitcoin.tax that prompted me to report any foreign accounts.

they wouldnt. theyre strictly for taxes. Fincen is not taxes

Edited by MegaNerd

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