Glossary
FBAR
The Foreign Bank Account Report: a US filing required when foreign financial accounts exceed US$10,000 in aggregate.
US persons must file an FBAR if their foreign financial accounts together top US$10,000 at any point in the year. It's an information report, not a tax, but penalties for missing it are steep.
Why it matters
Self-custodied crypto is generally not an FBAR account, but coins on a foreign exchange may be — a key nuance for globally mobile holders.
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