FATCA Reporting Threshold Calculator
Check Your FATCA Reporting Requirements
This tool calculates whether your foreign assets exceed FATCA thresholds for Form 8938 reporting.
Total foreign assets include:
- Foreign bank accounts
- Foreign stocks and securities
- Foreign cryptocurrency holdings
- Foreign real estate (through entities)
Only count crypto held on foreign exchanges or platforms. Self-custodied crypto in US-based wallets doesn't count.
Calculate your threshold
Enter your details above to see if you need to file Form 8938.
If you're a US citizen holding cryptocurrency on a foreign exchange or in a wallet controlled overseas, you could be breaking the law - even if you didn't earn a cent from it. The IRS doesn't care if you're just holding Bitcoin or Ethereum. What matters is where it's stored. And that’s where FATCA comes in.
What Is FATCA, Really?
FATCA, or the Foreign Account Tax Compliance Act, isn’t a tax. It’s a reporting rule. Passed in 2010, its job is simple: stop Americans from hiding money offshore. The IRS wants to know about any foreign financial assets you own - bank accounts, stocks, bonds, mutual funds - and yes, now also cryptocurrency. It’s not just about you reporting. FATCA forces foreign banks and crypto platforms to report your info to the IRS too. Over 100 countries have agreements with the U.S. to share this data. So if you’re using Binance, Kraken, or any other non-U.S. exchange, they’re legally required to tell the IRS you’re there - if they’re FATCA-compliant.Do You Have to Report Your Crypto Under FATCA?
The short answer: probably yes. The IRS hasn’t issued a clear, official memo saying “crypto on foreign exchanges = reportable,” but they don’t need to. FATCA’s definition of a “specified foreign financial asset” is broad enough to swallow crypto whole. It includes:- Any financial account held at a foreign financial institution
- Stocks or securities issued by non-U.S. companies
- Financial instruments with non-U.S. counterparties
FATCA Thresholds - When Do You Need to File?
You only need to file Form 8938 if your total foreign assets hit certain thresholds. These numbers change based on where you live and how you file.- Single, living in the U.S.: Report if you have more than $50,000 on the last day of the year, or more than $75,000 at any time during the year.
- Married filing jointly, living in the U.S.: $100,000 on the last day, or $150,000 at any point.
- Single or married filing separately, living abroad: $200,000 on the last day, or $300,000 at any time.
- Married filing jointly, living abroad: $400,000 on the last day, or $600,000 at any time.
What Counts as a Foreign Crypto Asset?
This is where things get messy. Not all crypto setups are treated the same.- Foreign exchange account - like holding BTC on Binance.com (based in Malta or Seychelles)? That’s reportable.
- Foreign custodial wallet - like using Coinbase (U.S.) but storing your crypto in a wallet managed by a German company? That’s reportable.
- Self-custodied wallet - you control the private keys, and the wallet is on your laptop in Miami? Not reportable under FATCA.
- Foreign DeFi platform - staking ETH on a protocol hosted in Singapore? This is a gray zone. The IRS hasn’t said, but if the platform acts like a financial institution, it’s risky to assume it’s not reportable.
FBAR Is Also Watching - And It’s Getting Tighter
FATCA isn’t the only rule. There’s also FBAR - FinCEN Form 114. It’s separate from your tax return. It’s filed online directly with the Treasury Department. Right now, FBAR doesn’t officially cover crypto. But that’s changing fast. In 2024, FinCEN proposed new rules that would require reporting foreign crypto accounts if their value exceeds $10,000 at any time during the year. That rule is expected to go final in 2025. So if you have $12,000 worth of Ethereum on a foreign exchange, you’ll soon need to file both Form 8938 (FATCA) and FinCEN Form 114 (FBAR). That’s double reporting. And yes, penalties for missing either one are steep - up to $10,000 per violation, and even more if it’s deemed willful.How Do You Value Crypto for Reporting?
Crypto prices swing like a pendulum. How do you pick a number? The IRS says use the fair market value on the last day of the tax year. That’s the closing price on a major exchange like Coinbase or Kraken. If you’re reporting mid-year values, use the highest price during the year. Don’t guess. Don’t average. Don’t use the price you bought it for. Use the actual market value. If you’re unsure, use the price from CoinMarketCap or CoinGecko - just be consistent and document your source. If your foreign exchange doesn’t give you a statement? Write down your login details, the date you accessed the account, and the balance on December 31. The IRS accepts “unknown” for address fields if the platform doesn’t have a physical location.
What Happens If You Don’t Report?
The IRS doesn’t just rely on voluntary reporting. They get data from foreign banks, crypto exchanges, and even blockchain analytics firms. If you’re holding crypto overseas and didn’t report, they’ll find you. Penalties for missing FATCA Form 8938: $10,000 for not filing on time. If you still don’t file after being notified, another $10,000 per 30 days - up to $50,000. For FBAR? $10,000 per violation. If the IRS thinks you did it on purpose? Up to 50% of the account balance - per year. And that’s not even counting the taxes you owe on gains you didn’t report. You could end up paying back taxes, interest, and penalties that add up to more than your original investment.What Should You Do Right Now?
Here’s a simple checklist if you hold crypto outside the U.S.:- Calculate the total value of all your foreign crypto holdings as of December 31, 2024.
- Add that to any other foreign financial assets - bank accounts, foreign stocks, etc.
- If the total hits the FATCA threshold, prepare Form 8938.
- Check if you’re also over $10,000 in foreign crypto - you’ll likely need to file FBAR in 2025.
- Document your values and sources. Save screenshots of your exchange balances.
- Don’t wait until April. Talk to a CPA who’s handled crypto FATCA filings before.
Don’t Wait for Clarity - Act Now
The IRS doesn’t wait for perfect rules. They enforce what they have. And right now, the law says foreign financial assets - including crypto - must be reported if they meet the thresholds. Waiting for “official guidance” is a trap. By the time the IRS clarifies crypto under FATCA, they’ll already have caught people who delayed. The safest move is to report conservatively. If you’ve held crypto on a foreign platform for more than a year, don’t assume you’re safe. Don’t think “it’s just crypto.” The IRS doesn’t care what it’s called. They care about location, value, and control. Start gathering your records. Calculate your numbers. Talk to a professional. You don’t need to panic - but you do need to act.Do I have to report crypto on Form 8938 if I only bought it and never sold?
Yes. FATCA is about holding foreign assets, not trading them. Even if you never sold your Bitcoin or Ethereum, if it’s stored on a foreign exchange and your total foreign assets exceed the threshold, you must report it on Form 8938. The IRS cares about ownership, not transactions.
What if my crypto is in a non-custodial wallet on a foreign platform?
If you control the private keys and the wallet isn’t managed by a foreign company, it’s generally not reportable under FATCA. But if the platform you used to buy or trade the crypto is foreign and you still have an account with them - even if you moved the crypto out - the IRS may still consider it reportable. When in doubt, report it.
Can I avoid FATCA by moving my crypto to a U.S. exchange?
Yes. If you transfer your crypto to a U.S.-based exchange like Coinbase or Kraken (U.S. entity), and keep it there, it’s no longer a foreign financial asset. That removes the FATCA reporting requirement. But you still need to report any gains or income from trading it on your tax return.
What if I didn’t report crypto in past years - can I fix it?
Yes. The IRS has voluntary disclosure programs like the Streamlined Filing Compliance Procedures. You can file back Form 8938 and FBARs, pay any taxes owed, and avoid penalties - if you act before the IRS contacts you. Don’t wait. The window for clean compliance is closing.
Are DeFi staking rewards reportable under FATCA?
FATCA doesn’t cover income - it covers asset holdings. But if your staking rewards are held on a foreign DeFi platform, the accumulated crypto may count as a foreign financial asset. The value of your wallet at year-end could trigger FATCA reporting. Also, the rewards themselves are taxable income - report those on Form 1040.
Does FATCA apply to crypto held in a foreign trust or LLC?
Yes. If you own an interest in a foreign entity (like a trust, LLC, or corporation) that holds crypto, that interest is considered a specified foreign financial asset. You must report the value of your ownership stake on Form 8938, even if the entity itself isn’t a traditional financial institution.
What if my foreign crypto exchange isn’t FATCA-compliant?
You still have to report your assets. FATCA compliance by the exchange doesn’t change your obligation. If the platform doesn’t report to the IRS, that doesn’t mean you’re off the hook - the IRS will still expect you to report your holdings. Non-compliant platforms are risky, but your duty to report remains.
Okay but like… I just hold BTC on Binance and never touched it. Why does the IRS care if I didn’t sell? Feels like they’re fishing for excuses to fine people. 🤷♀️
ahhh the tyranny of the IRS… *sips matcha*
it’s not about tax, it’s about *control*. they want to know where your digital soul resides. crypto isn’t money, it’s metaphysics. and if your keys are overseas… well, you’re basically a digital nomad in their eyes. 🌍✨
Y’all are overcomplicating this. If you have over $50k in foreign crypto? Report it. It’s not scary, it’s just paperwork. I did it last year with my ETH on Kraken - took 20 mins with TurboTax. No penalties, no drama. You’re not a criminal, you’re just responsible. 💪❤️
Let me break it down like I’m explaining it to my cousin who thinks ‘crypto’ is a type of taco.
Imagine your Bitcoin is a fancy watch. If you keep it in a safe in Switzerland? Yeah, you gotta tell Uncle Sam. Doesn’t matter if you never wore it. The IRS ain’t mad at your lifestyle - they’re mad you didn’t tell ‘em where your stuff is.
And if you’re staking on some Singaporean DeFi platform? That’s like renting out your watch to a stranger in another country. Still yours. Still reportable.
Don’t wait till they knock on your door with a subpoena. File now. Breathe easy. You got this.
And yes - save screenshots. I keep mine in a folder called ‘IRS-Proof’ 🤫
I’ve got like $30k in crypto on Binance. Never sold. Never moved. Just… sitting there. I’m gonna file Form 8938 this year. Feels weird to report something I didn’t even touch, but better safe than sorry.
There’s a quiet dignity in compliance. Not because the system is fair - but because choosing to show up, to document, to be transparent… that’s how you reclaim agency in a world that wants you to disappear.
Reporting crypto isn’t submission. It’s sovereignty.
And yes - I’ve got screenshots of my 2024 Binance balance. Printed. Laminated. In my tax binder. Because I choose to be the person who shows up, even when it’s inconvenient.
Bro I’m from India and I’ve got 200k in crypto on Binance. I don’t even know what FATCA is. But now I’m scared. What if they come for me? 😭 Should I move it to Coinbase? Will they track me? Is my phone being watched??
The epistemological rupture here is profound. We’re witnessing the ontological colonization of decentralized assets by centralized bureaucratic apparatuses.
When you hold crypto on a foreign exchange, you are not merely storing an asset - you are performing a spatial act of resistance against the nation-state’s monopolization of value.
And yet, the IRS, with its blockchain analytics and FATCA treaties, is not merely auditing - it is *reterritorializing* digital capital.
So yes - report. But do it with rage. And with receipts.
Just did my Form 8938 last week. Took me 45 minutes. Used CoinGecko for my Dec 31 prices. Saved my login page screenshots. Filed with my taxes.
Zero stress. Zero penalties. I feel so much better now. If you’re reading this and still procrastinating - you can do this. I believe in you. 💖
lol so you’re telling me if i got 12k in eth on binance i gotta report it?? but if i just hold it in my trust wallet on my phone? no problem? that’s so dumb. who even decided this? the IRS? some guy in a suit with a coffee stain on his tie?? 🤡
I know this sounds overwhelming, but you’re not alone. I was terrified too last year. I reached out to a crypto-savvy CPA - she walked me through it step by step. No judgment, just help.
It’s okay to feel confused. What matters is that you’re trying. That’s huge.
And if you need someone to talk to about this, I’m here. Seriously. DM me. We’ll figure it out together.
Wait - so if I bought ETH on Binance in 2023, moved it to a non-custodial wallet in 2024, and now it’s on my laptop - is it still reportable? The exchange is foreign, but I control the keys now. Help??
Bro I’ve been holding crypto on Binance since 2021. Never sold. Never moved. Just chillin’.
Now I’m like… maybe I should just move it to Coinbase? Feels easier. Plus, my cousin in Texas said he did it and didn’t get in trouble.
Also - why do we even have to report this? It’s not like I’m hiding money in a Swiss bank. It’s just… crypto. 😅
so like… if i dont report and they find out, i get fined? but if i report, i still gotta pay taxes? so i lose either way? why do i even try??