"official" Exchange Rate For Tax Year 2003?

[cbatson]

Does anyone know what the "official" exchange rate is for U.S. personal income tax returns for the year 2003?

Thanks,

Chuck

[PvtDick]

I don't know if this is correct or not, but I always use the Bank of Thailand year-end annual average rate. For 2003, that rate is 41.4846175706786 baht per dollar.

You can find this info on the Bank of Thailand website:

Bank of Thailand

[lopburi3]

I only need this for bank account interest so use the rate in effect on the day deposited. Have not dug into rules but would assume rate on day of receipt would be acceptable as that is how you do it with insurance and such.

[OldAsiaHand]

If you're reporting on a cash basis (as almost every individual is), the regulations say to use the rate prevailing on the actual date of each separate transaction, i.e. the date each item of income was actually paid over to you. Since the THB rate has been fairly stable recently, as a practical matter -- should you ever be audited -- it's hard to believe that the auditor wouldn't accept some kind of average rate for the whole tax year so long as you apply it consistently. But then again, you never know about something like that, do you?

[cbatson]

It was my understanding that the IRS allows one to use a certain "official" average exchange rate and apply it for the whole year. In past years I've gotten this rate from the U.S. embassy -- it's usually posted inside. I'd prefer to find out the rate without having to make a trip to the embassy. I suppose I will call the ACS unit next time they're open to get it.

Chuck

[lopburi3]

It was my understanding that the IRS allows one to use a certain "official" average exchange rate and apply it for the whole year. In past years I've gotten this rate from the U.S. embassy -- it's usually posted inside. I'd prefer to find out the rate without having to make a trip to the embassy. I suppose I will call the ACS unit next time they're open to get it.

Chuck

41.008 per http://usembassy.state.gov/mumbai/wwwhacscs8.html

[cbatson]

41.008 per http://usembassy.state.gov/mumbai/wwwhacscs8.html

Nice table! How did you find that?

Rates I've gotten from the embassy in the past were 43.10 for TY2002 and 44.42 for TY2001. The value I have for TY2002 doesn't match the table, which is a little disconcerting...

Chuck

[lopburi3]

41.008 per http://usembassy.state.gov/mumbai/wwwhacscs8.html

Nice table! How did you find that?

Rates I've gotten from the embassy in the past were 43.10 for TY2002 and 44.42 for TY2001. The value I have for TY2002 doesn't match the table, which is a little disconcerting...

Chuck

Google search - don't leave home without it.

I use Oanda rates for day received which is also accepted as official from information on other Embassy web sites visited.

[Jeff1]

There is also a big sign in english stating the rate , in the waiting area at the American embassy . Next to all the irs forms. I only wish I could get that rate a bank

[cbatson]

There is also a big sign in english stating the rate , in the waiting area at the American embassy . Next to all the irs forms.

Do you happen to recall exactly what rate is stated on that sign? ;-)

Chuck