FBAR end of year tax reporting to IRS

[watgate]

Does anyone know the currency rate for the baht for the end of year tax reporting requirement for FBAR?

[longball53098]

From the official IRS site it is listed as 33.4 THB

[watgate]

Longball thanks for the info. Much appreciated

[FarangRimPing]

For Future Info, this is the URL:

 

https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates

 

I used the Yearly Average Currency Exchange Rates link close to the bottom of the page.

[Jingthing]

40 minutes ago, FarangRimPing said:

For Future Info, this is the URL:

 

https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates

 

I used the Yearly Average Currency Exchange Rates link close to the bottom of the page.

For FBAR I'm pretty sure you're supposed to use the last day of last year's rate NOT any kind of average.

[lopburi3]

26 minutes ago, Jingthing said:

For FBAR I'm pretty sure you're supposed to use the last day of last year's rate NOT any kind of average.

Indeed and this link provides.

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

 

 

 

[Jingthing]

8 minutes ago, lopburi3 said:

Indeed and this link provides.

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

 

 

 

So it's 33.4 as posted by longball.

[lopburi3]

7 minutes ago, Jingthing said:

So it's 33.4 as posted by longball.

Indeed first reported in home country forum on January 7 (and did my FBAR that day).

 

[FarangRimPing]

22 hours ago, Jingthing said:

For FBAR I'm pretty sure you're supposed to use the last day of last year's rate NOT any kind of average.

Sorry, you're right, as others have posted, as mentioned here:

https://www.fincen.gov/sites/default/files/shared/FBAR Line Item Filing Instructions.pdf

 

Note that this can be different from the income tax return, and probably most people use the average rate I posted earlier.

[pablo el sueco]

Treasury Reporting Rates of Exchange has been updated for end-of-year 2022.  The rate for 12/31/2022 is 34.52 baht to the US dollar. 

[KhunLA]

With 400k in the bank, you'll break the $10k USD bar quite easily.

I wish it was ฿40+ / $1 USD dollar also, but won't see that again in our lifetime.