I recently reached out to the IRS regarding FBAR reporting requirements for crypto. I just received a response and was told that if the aggregate of all of your coins on foreign exchanges was greater than $10,000 at any point in the year then you are required to file an FBAR
The IRS agent also clarified that if you have coins that are stored on a digital wallet in which you have control over the private keys, that these coins would not be subject to FBAR reporting. A digital wallet is not a foreign financial account.
Btw you are not subject to any extra taxes by filing an FBAR. It is just an informational filing, but failing to file it when required can result in large penalties
If you filed an extension for the 2017 tax year, you still have until October 15 to file your FBAR, but if you didn’t file an extension, or you failed to file an FBAR in a previous year, get it in as soon as you can and review the instructions below 👇🏼 
