Popular Post Thailand J Posted January 7, 2022 Popular Post Share Posted January 7, 2022 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 1 2 Link to comment Share on other sites More sharing options...
mtls2005 Posted January 7, 2022 Share Posted January 7, 2022 Can we use this figure for our tax returns? I'm thinking the IRS has their own figures, but not sure. Link to comment Share on other sites More sharing options...
Thailand J Posted January 7, 2022 Author Share Posted January 7, 2022 I think we can. I have been using the same exchange rate to report Thai bank interest on 1040 Schedule B. Link to comment Share on other sites More sharing options...
mtls2005 Posted January 9, 2022 Share Posted January 9, 2022 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 Link to comment Share on other sites More sharing options...
lopburi3 Posted January 9, 2022 Share Posted January 9, 2022 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/ Link to comment Share on other sites More sharing options...
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