Crypto Trading

✅ Crypto Regulations YOU MUST KNOW! | 💸TAXES & FBAR | Using KuCoin in the US | BIG PENALTIES [2022]

✅ Crypto Regulations YOU MUST KNOW! | 💸TAXES & FBAR | Using KuCoin in the US | BIG PENALTIES [2022]

✅ Crypto Regulations YOU MUST KNOW! | 💸TAXES & FBAR | Using KuCoin in the US | BIG PENALTIES [2022]

No one is telling you this, and you’re liable! Learn what regulations exist for cryptocurrency taxes on common foreign exchanges like KuCoin & what to look out for as the US government cracks down.
☕💛 Support my family & the channel: https://www.buymeacoffee.com/brianlogen
Thank you for your support! 😀

KuCoin is currently a foreign exchange packed with tons of great features and low fees. In my last video on setting up portfolio (https://youtu.be/27hWcnWptUQ) I got questions about using it in the US even though it isn’t licensed there. This video talks about all US regulations on Crypto that I found including the FBAR, Form 8938 and other important steps you may need to take to avoid massive penalties and potential jail time!

[Community]:
🤖Discord: https://bit.ly/discord-brianlogen
📄 Blog: https://www.brianlogen.com/

[This Video]:

1️⃣ My Coffee:
https://amzn.to/3gyxMdn
2️⃣ KuCoin Exchange:
https://www.kucoin.com/r/rBA28S9
3️⃣ Cointracker.io:
https://www.cointracker.io/i/QuHS1GJUTJaF
4️⃣ Cryptotrader.Tax:
https://bit.ly/cryptotradertax_brianlogen [CRYPTOTAX10 for 10% OFF]

[ What I Trust ]:

⭐ BEST US EXCHANGE [Kaken 🐙]:
https://r.kraken.com/brian_logen
📈 BEST CRYPTO CHARTS [ Tradingview ]:
https://bit.ly/tradingview-brianlogen
🦺 PROTECT YOUR CRYPTO [ BitBox02 ]:
https://shiftcrypto.ch/brian [ BRIANLOGEN for 5% OFF ]
💵 GET STARTED FREE in Bitcoin [ Coinbase ]
https://bit.ly/BrianLogen_Coinbase
💰 COMPOUND YOUR CRYPTO + Up to 0 FREE [Blockfi]:
https://bit.ly/Blockfi_brianlogen
🔴 TAXES [CryptoTrader.Tax]:
https://bit.ly/cryptotradertax_brianlogen [CRYPTOTAX10 for 10% OFF]

[Timestamps]:

00:00 Crypto Portfolio Strategy
01:48 Disclaimer
02:21 📖 Key Definitions
03:38 ⭐ FBAR
07:12 💸 IRS Form 8938
08:23 😀 FBAR vs 8938
09:20 📃 FBAR form
10:00 💲 KuCoin Thoughts

[References]:

Addresses:
https://www.cointracker.io/blog/foreign-filing-requirements-for-cryptocurrency-investors
FinCEN Jan 2021 Update:
https://www.fincen.gov/sites/default/files/shared/Notice-Virtual%20Currency%20Reporting%20on%20the%20FBAR%20123020.pdf
IRS FBAR:
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
IRS Compare FBAR vs Form 8938:
https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

😷 Thyroid Cancer Journey https://youtu.be/5rZKjSFtrIM

⚖ DISCLAIMER: This is not financial advice and I am not a certified financial advisor, tax professional or lawyer, nor do I specialize in economics. I am not affiliated or associated with any mentioned companies including Coinbase, Coinbase pro, BlockFi, Kraken, Kraken Pro, Gemini, TradingView, Fidelity, KuCoin, etc. These are my own opinions, and as such, this should NOT BE treated as explicit financial, trading or otherwise investment advice. You are solely responsible for all risks associated with trading and staking crypto. I always recommend you do your own research before making any type of investment. Thanks!

Video for Crypto Trading United States
Crypto Trading United States youtube video content

10 Comments

  1. Great research and awesome material! Thank you for the information.. Dollar and a dream.. good luck and god bless.

  2. that's great we Americans can't build wealth like the other countries. Only the rich can play in this space.

  3. Hi. I came across one of your old videos that you created about a year ago, and you mentioned thyroid cancer.

    I hope you looked into holistic healing, as there are so many methods for us to heal ourselves. I’m glad you’re still around! You seem like a genuine, sincere person trying to help others.

  4. First, thank you for this great video.

    IRS is under department of treasury, similar to FinCEN. They are not co-equal departments.

    For that FBAR rule of aggregate sum being greater than $10k in foreign accounts… what if you purchase under $10k in one exchange, and transfer it to your own cold wallet, effectively keeping the total amount being held at the given time in all your exchanges that have headquarter outside of the U.S. under $10k the entire time? Would you have to still report them?

    What about DeFi activities like Staking or LP? How does that get determined that it is part of the foreign account or not?

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