Official Usd-baht Exchange Rate For 2008 Irs Purposes

[Jingthing]

Reminder to US people: the bank account reporting form TD F 90-22.1 is due JUNE 30. If any of your foreign bank accounts went over 10K USD during the year, you must file this, or you will be technically subject to HUGE fines. I mean HUGE. This form is filed with treasury, not the IRS.

Filling out the form this year, they are now asking for the exact maximum amount in the accounts during the calender year! I smell more expat audits. Anyway, I assume they want that in dollars.

So does anyone know the offical dollar-baht exchange rate for 2008 IRS purposes?

Edited April 28, 2009 by Jingthing

[Thanyaburi Mac]

Reminder to US people: the bank account reporting form TD F 90-22.1 is due JUNE 30. If any of your foreign bank accounts went over 10K USD during the year, you must file this, or you will be technically subject to HUGE fines. I mean HUGE. This form is filed with treasury, not the IRS.

Filling out the form this year, they are now asking for the exact maximum amount in the accounts during the calender year! I smell more expat audits. Anyway, I assume they want that in dollars.

So does anyone know the offical dollar-baht exchange rate for 2008 IRS purposes?

I wonder if there is an "official exchange" rate for the baht vs US$$. Two possibilities come to mind:

1- Use the rate that the cashier at the U.S. Embassy was using for visas, certifications, etc, not a very good rate as I remember;

2- Just use the rate from the last working day of the year at, say, Siam Commercial Bank.

http://www.scb.co.th/html/exchange/bk-pvsexchange.htm

Looks like 34.57 would be an OK rate (http://www.scb.co.th/html/exchange/30122008_153400.htm)

Note, the FAQs say use the rate at the END OF THE YEAR: "Convert foreign currency by using the official exchange rate at the end of the year."

Other items:

FAQs here: http://www.irs.gov/businesses/small/articl...=148845,00.html

The Form here: www.irs.gov/pub/irs-pdf/f90221.pdf

Mac

[Langsuan Man]

Here:

http://www.fms.treas.gov/intn.html

Am I the only person that can google "US government official exchange rates" ?

Edited April 28, 2009 by Langsuan Man

[hhgz]

" I smell more expat audits."

Why? The form is used worldwide, not just Thailand, and I'm not sure why you think the foreigners in Thailand are being singled out.

For an exchange rate, I made a guess. As long as you're not trying to hide anything, or mislead the government, there won't be a problem.

"Am I the only person that can google "US government official exchange rates" ?"

Apparently so. It's so much more fun to be paranoid and complain about something, than answer an actual question.

Edited April 28, 2009 by hhgz

[flying]

Here:

http://www.fms.treas.gov/intn.html

Am I the only person that can google "US government official exchange rates" ?

Wow

THAILAND - BAHT 36.1200

[Jingthing]

" I smell more expat audits."

Why? The form is used worldwide, not just Thailand, and I'm not sure why you think the foreigners in Thailand are being singled out.

For an exchange rate, I made a guess. As long as you're not trying to hide anything, or mislead the government, there won't be a problem.

"Am I the only person that can google "US government official exchange rates" ?"

Apparently so. It's so much more fun to be paranoid and complain about something, than answer an actual question.

Why, because before there was a multiple choice for the amount in the accounts, which was very vague. Now they are asking for a specific number. More information, more ammunition for a desperate IRS. I never said they would target only expats in Thailand and wonder who you got that from what I wrote.

Edited April 28, 2009 by Jingthing

[Jingthing]

Here:

http://www.fms.treas.gov/intn.html

Am I the only person that can google "US government official exchange rates" ?

Wow

THAILAND - BAHT 36.1200

I am not at all certain this is the correct rate. That form is about 2009 rates. I want the official historic rate for 2008.

[flying]

Here:

http://www.fms.treas.gov/intn.html

Am I the only person that can google "US government official exchange rates" ?

Wow

THAILAND - BAHT 36.1200

I am not at all certain this is the correct rate. That form is about 2009 rates. I want the official historic rate for 2008.

Perhaps this then?

THAILAND - BAHT 31.9300

http://www.apostille.us/news/treasury_repo..._exchange.shtml

[Smokin Joe]

Here:

http://www.fms.treas.gov/intn.html

Am I the only person that can google "US government official exchange rates" ?

I looked at that site after the initial post but since it didn't answer the OP's question didn't bother linking it.

That site does not list the rate needed - "Convert foreign currency by using the official exchange rate at the end of the

year."

Anyway, thanks for the reminder. I just filled mine out and will mail it on my trip to the US next month. BTW I just used 35 to 1.

[Jingthing]

OK, I think either of these approaches would be defensible.

Just use the AVERAGE rate for 2008 as expressed here:

http://www.federalreserve.gov/releases/g5a/current/

32.96

or more accurately for the treasury form, determine the day of the year with your highest baht balance (thats what they ask for) and do a historic conversion for that day from here:

http://www.oanda.com/convert/classic

I don't believe irs.gov posts their official rate for the year and the info for 2008 doesn't appear to be on the US embassy Thailand website.

[cloudhopper]

Thanks for the reminder.

I filed this form 4 years ago and thought it was a one time deal - wrong! My accountant caught it, filled out the missing year forms for me and wrote a letter explaining my misunderstanding and asking for forgiveness of the huge - something like 10,000 dollars a DAY - fine. Which he said they would and apparently have.

Can this form be printed online?

[TonySoprano]

My CPA told me ALL FOREIGN ACCOUNTS must be reported even if less than $10,000.

[thaihome]

I have posted this before when the question came up. For income reporting purposes you use the exchange rate prevailing at the time the income was received. I would assume it would be the same for bank account reporting, use the rate at the time of your max balance.

exchange rate

TH

[Jingthing]

My CPA told me ALL FOREIGN ACCOUNTS must be reported even if less than $10,000.

Thanks for bringing that up. Your accountant is right (for the most part).

Here is my understanding, done by example.

1. You have one foreign account and the highest it got in the tax year was 9K USD, you do NOT report.

2. You have one foreign account which was 10 dollars all year but for ONE DAY it was 10,500 USD, you DO report

3. You have two foreign accounts, the first one was at its highest 15K USD and the second one was at its highest 500 dollars, you DO report BOTH accounts

The third example is about your point. If you have to report ANY accounts due to the over 10K USD, you must report ALL of them even if some never went over 10K USD.

That is my understanding anyway.

Here is the text from the form:

Who Must File this Report. Each United States person who

has a financial interest in or signature or other authority over

any foreign financial accounts, including bank, securities, or

other types of financial accounts, in a foreign country, if the

aggregate value of these financial accounts exceeds $10,000

at any time during the calendar year, must report that

relationship each calendar year by filing this report with the

Department of the Treasury on or before June 30, of the

succeeding year.

Edited April 29, 2009 by Jingthing

[Jingthing]

I have posted this before when the question came up. For income reporting purposes you use the exchange rate prevailing at the time the income was received. I would assume it would be the same for bank account reporting, use the rate at the time of your max balance.

exchange rate

TH

Here is the form. Have a blast! You cannot efile this puppy:

http://www.irs.gov/pub/irs-pdf/f90221.pdf

[cloudhopper]

I have posted this before when the question came up. For income reporting purposes you use the exchange rate prevailing at the time the income was received. I would assume it would be the same for bank account reporting, use the rate at the time of your max balance.

exchange rate

TH

Here is the form. Have a blast! You cannot efile this puppy:

http://www.irs.gov/pub/irs-pdf/f90221.pdf

Thanks thing that saved me a lot of agro. Well F me - form TD F 90-22.1 has now morphed from a single page into FIVE FREAKING PAGES! And they have the nerve to put the "privacy act and paperwork reduction act" on page 1.

BTW it says in the attached instructions to convert foreign currency at the official exchange rate in effect AT THE END OF THE YEAR (08).

[Jingthing]

BTW it says in the attached instructions to convert foreign currency at the official exchange rate in effect AT THE END OF THE YEAR (08)

Thanks for that. So do you think that means to use the rate on 31 Dec 2008 rather than the average rate for 2008?

BTW: the thread title here probably should have said for treasury purposes, because this form is filed with treasury, not IRS.

Edited April 29, 2009 by Jingthing

[cloudhopper]

BTW it says in the attached instructions to convert foreign currency at the official exchange rate in effect AT THE END OF THE YEAR (08)

Thanks for that. So do you think that means to use the rate on 31 Dec 2008 rather than the average rate for 2008?

Yes. I'm going to use 34 and IMO as long as you're somewhere remotely near the ball park you'll be OK. They are no doubt inundated with these reports every year and I doubt anyone reporting under a million $ would even get a second look...

[Jingthing]

Oanda results:

Wednesday, December 31, 2008

1 US Dollar = 35.31141 Thai Baht

1 Thai Baht (THB) = 0.02832 US Dollar (USD)

[wildoates]

Thanks, I did not know of this requirement. Will get it filed, and I guess do a admend for last year.

[cloudhopper]

Oanda results:

Wednesday, December 31, 2008

1 US Dollar = 35.31141 Thai Baht

1 Thai Baht (THB) = 0.02832 US Dollar (USD)

OOPS! Yeah 35 is better - I misread the SCB quote I used earlier...

[noahvail]

Reminder to US people: the bank account reporting form TD F 90-22.1 is due JUNE 30. If any of your foreign bank accounts went over 10K USD during the year, you must file this, or you will be technically subject to HUGE fines. I mean HUGE. This form is filed with treasury, not the IRS.

Filling out the form this year, they are now asking for the exact maximum amount in the accounts during the calender year! I smell more expat audits. Anyway, I assume they want that in dollars.

So does anyone know the offical dollar-baht exchange rate for 2008 IRS purposes?

www.xe.com has historical rates, as do other exchange-rate listings sites

[Scott]

Thanks for the info. I almost forgot, so I just did my taxes on line (printed out and will send them soon).

[psdone]

It looks like I have the pleasure of doing this year too

Can I just drop this in the mail, or do I have to do a Fed-X/DHL to get proof that I sent it ???

I really don't want to spend one more baht than I have to on this as a matter of principle ...

Thanks,

Phil

[Jingthing]

It looks like I have the pleasure of doing this year too

Can I just drop this in the mail, or do I have to do a Fed-X/DHL to get proof that I sent it ???

I really don't want to spend one more baht than I have to on this as a matter of principle ...

Thanks,

Phil

You can do as you like.

I use certified mail and keep a copy of the outside of the letter and dated certification form. This may or may not be good enough proof at a later date that you did mail it if they don't receive it. Certified mail is not expensive and you can track it in Thailand and the US, but the tracking isn't 100 percent reliable.

It is quite annoying that they don't allow for online filing of this form.

Edited May 7, 2009 by Jingthing

[psdone]

It looks like I have the pleasure of doing this year too

Can I just drop this in the mail, or do I have to do a Fed-X/DHL to get proof that I sent it ???

I really don't want to spend one more baht than I have to on this as a matter of principle ...

Thanks,

Phil

You can do as you like.

I use certified mail and keep a copy of the outside of the letter and dated certification form. This may or may not be good enough proof at a later date that you did mail it if they don't receive it. Certified mail is not expensive and you can track it in Thailand and the US, but the tracking isn't 100 percent reliable.

It is quite annoying that they don't allow for online filing of this form.

Jingthing,

Thanks for the tip. I didn't know Thailand Post had certified mail. I will do the same.

Phil