Cryptocurrency is considered property and a financial asset, so if it was stored in a foreign country, you would have to report it on a form 8938, Statement of Specified Foreign Financial Assets, assuming you met the other requirements of the reporting.
What about airdrop received from non us company but stored in private wallet ?
Will turbo tax file this form with federal?
If your Airdrop of cryptocurrency is in the United States in your private wallet, and you are in the United States, then Form 8938 is not required if you meet the filing thresholds shown below.
Purpose of Form - Instructions Form 8938
Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.
Who Must File
Unless an exception applies, you must file Form 8938 if you are a specified person (see Specified Person, later) that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.
Reporting Thresholds Applying to Specified Individuals. If you are a specified individual, your applicable reporting threshold depends upon whether you are married, file a joint federal income tax return, and live inside (or outside) the United States.
Taxpayers living in the United States. If you do not live outside the United States, you satisfy the reporting threshold discussed next that applies to you, and no exception applies, file Form 8938 with your income tax return.
Unmarried taxpayers. If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
Married taxpayers filing a joint income tax return. If you are married and you and your spouse file a joint income tax return, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
For more information use the link above or add clarification here.
Can you clarify what you mean by airdrop “in the United States” ?
if airdrop was sent from company not based in USA to a private wallet which owner is in usa and us citizen