I have a work Visa and live in the US. From what I understand I'm considered a US resident and have to file my 2020 taxes here.
I have crypto on Foreign Exchange - KuCoin. Mostly I'm using that to hold crypto, however I have a little trades that resulted in about $1000 gain.
When I'm using turbotax it's asking me to file an 8838 form as I meet the minimum 75k threshold.
That form seems to be pretty straightforward, the only thing I don't understand is this step: "Amounts Related to Foreign Financial Assets" .
That page has two options:
1. "Amounts Attributable to Foreign Financial Accounts", Where I can type: Interest, Dividends, Gains/Losses, Royalties etc.
2. And "Amounts Attributable to Other Foreign Financial Assets" (Interest, Dividends, Gains/Losses, Royalties)
I have no idea what the difference is. Both fields have the same information.
Where do I put my gains? Under "Amounts Attributable to Foreign Financial Accounts" or "Amounts Attributable to Other Foreign Financial Assets"?
I'm aware that I have to file a separate form with capital/gains and FBAR, however I'm asking specifically for this form.
The other thing I was wondering about this checkbox on the next page "This account did not have income, deductions, or credits associated with it in 2021" :
Just to make sure I understand it correctly, by "Income", do they mean Capital Gains? So I don't have to check that checkbox.
Also the very next checkbox says ".. held in foreign currency". Ok, so how to be here? Like it's crypto and by the IRS it's defined as property, so I don't have to check that box as well?
Appreciate any advice!
Thanks!
