I’m a US citizen or green card holder with coins on Upbit, Bithumb, or Korbit. Do I have to tell the IRS? Yes. The IRS treats every coin you own as property, so korean crypto exchange tax reporting runs on the US side whether or not Korea has started taxing the same gain. You disclose…
If I win a Korea apartment subscription as a US citizen, do I owe US tax or just reporting? You usually do not owe US income tax at the moment you are selected, but a US citizen who wins a Korea apartment subscription (청약) almost always picks up FBAR, Form 8938, and sometimes Form 3520…
Do my Korean bank accounts really need to be reported on FBAR? Yes — any U.S. person whose foreign financial accounts (including Toss, KakaoBank, KEB Hana, Kookmin, or a Korean brokerage) together exceed $10,000 at any point during the calendar year must file FinCEN Form 114. The $10,000 test is measured across all accounts combined,…
