If you are a resident alien, you will need to report any gain or loss on your Cryptocurrency trades on Schedule D. So you will need to use TurboTax Premier or higher to report your capital gains transactions. You will also need to make sure that you report that you have foreign bank accounts (and report the country code if an FBAR is required). This foreign bank reporting information will be at the bottom of Schedule B.
Additionally, depending on your foreign assets value, you may need to include a Form
8938 - Statement of Specified Foreign Financial Assets, if your foreign
assets exceed the amount threshold.
Regarding your FBAR requirement -
If you have foreign
bank accounts, you may be required to file a Report of Foreign Bank and
Financial Accounts (FBAR) if are a US citizen or resident and::
- you had a financial
interest in or signature authority over at least one financial account
located outside of the United States; and
- the aggregate value of all
foreign financial accounts exceeded $10,000 at any time during the
calendar year reported.
Foreign financial
accounts consist of all foreign financial accounts that you own separately or
jointly or for which you have signatory authority over (such as a foreign
business account that is owned by the business but for which you can sign
checks or redirect funds).
To be directed to
the US Treasury Government Website to prepare a Report of Foreign Bank and
Financial Accounts, click FBAR
(TurboTax does not support this form)
