Other $1K loss is transfer fees, commissions and government tax on exchanging lira to USD.
@ToddL99 mentioned that I better file FBAR and 8938 because IRS may say that I have financial interest in the acct that my father used to receive my funds. Is there a downside of filing that FBAR/8938?
I don't have any business, I work for a paycheck in US. I am just trying to invest my savings out of USD denominated assets due to endless money printing by the FED.
Should I deduct the $5K loss as capital loss in SchD or ordinary loss in Sch1 as "Other income (loss)"?
