US$1 = 33.4B  on December 31 ,2021.

It was 29.92B in 2020.

 

https://fiscaldata.treasury.gov/datasets/treasury-reporting-rates-exchange/treasury-reporting-rates-of-exchange

Can we use this figure for our tax returns?

 

I'm thinking the IRS has their own figures, but not sure.

 

 

I think we can. I have been using the same exchange rate to report Thai bank interest on 1040 Schedule B.

Saw this, it's been updated for 2021 since I looked at it last week.

 

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

 

Translating foreign currency into U.S. dollars
You must express the amounts you report on your U.S. tax return in U.S. dollars. Therefore, you must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. In general, use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.

 

Average rate published is 31.997

 

 

 

 

 

On 1/7/2022 at 8:36 AM, mtls2005 said:

Can we use this figure for our tax returns?

 

I'm thinking the IRS has their own figures, but not sure.

 

 

You should use an official rate for the actual day of income - very easy to do with this or other web sites:

https://www1.oanda.com/currency/converter/