I'm just inquiring  about how to figure the bht and dollar exchange rate formula to figure if I need to report next year.I know the US Govt. comes out with their default exchange rate to use when reporting a FBAR every year.Correct me if I'm wrong, 2016 was 35.77. Using that exchange and  dividing it into 324,000 bht, it would be $9058.00. 

But you will not know current year until after the year is over so always allow for less baht if you really want to avoid reporting - as baht value has been going up this year quite a bit.  But reporting is not a big issue for simple one or two accounts.

24 minutes ago, lopburi3 said:

But you will not know current year until after the year is over so always allow for less baht if you really want to avoid reporting - as baht value has been going up this year quite a bit.  But reporting is not a big issue for simple one or two accounts.

you didn't answer my question. What is the formula?

Edited July 16, 20178 yr by riclag

There is no formula to divide 324,000 by 35.77 = you already did that.  But the exchange rate is likely to be much less than 35.77 this year and that will not be known until sometime next year.  If you are asking how the government determines the yearly rate believe it is based on an average rate for the year.

3 minutes ago, lopburi3 said:

There is no formula to divide 324,000 by 35.77 = you already did that.  But the exchange rate is likely to be much less than 35.77 this year and that will not be known until sometime next year.  If you are asking how the government determines the yearly rate believe it is based on an average rate for the year.

 

3 minutes ago, lopburi3 said:

There is no formula to divide 324,000 by 35.77 = you already did that.  But the exchange rate is likely to be much less than 35.77 this year and that will not be known until sometime next year.  If you are asking how the government determines the yearly rate believe it is based on an average rate for the year.

Sorry I'm bad obviously in explaining this . Let's use last year ok. 35.77. I had 325000 bht, do I divide or multiply to get the dollar value

Divide.

Just now, riclag said:

 

Sorry I'm bad obviously in explaining this . Let's use last year ok. 35.77. I had 325000 bht, do I divide or multiply to get the dollar value

Is this a Trick question? 

Just now, perthperson said:

Is this a Trick question? 

No I was waiting for a troll reply

5 minutes ago, Mrjlh said:

Divide.

thank you

So last year you did not need to report (if no other accounts) as below 10k but you said for next year so that make it confusing as we will not know that until you have max value amount for this year and next years rate of exchange is known.  As said above you divide that highest baht amount by the exchange rate to determine the USD amount - as you appear to have done in your original post for last year.

3 minutes ago, lopburi3 said:

So last year you did not need to report (if no other accounts) as below 10k but you said for next year so that make it confusing as we will not know that until you have max value amount for this year and next years rate of exchange is known.  As said above you divide that highest baht amount by the exchange rate to determine the USD amount - as you appear to have done in your original post for last year.

Thank you for your reply

.

 

 

 

 

Edited July 16, 20178 yr by 55Jay