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Exchange Rate Question Please

Exchange Rate Question Please

Old Aug 6th 2001, 2:45 am
  #1  
youngsl
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We got an extension on our US taxes waiting for a few last pieces of info on my
husband's Australian income last year. All of that has finally arrived.

I want to finish our taxes now as soon as possible (especially now that it is time to
file his Aussie return). Anyway, while waiting for the other info to arrive, I have
been checking out all the foreign income consequences to our taxes here. I have read
in a few places about a "yearly average exchange rate" for translating foreign
transactions into the US$. While I've seen this mentioned, never do any of the
sources say where this is published.

Does anyone know where I can find this "yearly average exchange rate"? I have visited
the web site for the Federal Reserve but all I found there were daily rates.

Any assistance would be greatly appreciated.

Thanks,

Shaz

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Old Aug 6th 2001, 4:28 am
  #2  
Leonard
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Not sure what time period you need, but the yearly average for year 2000 was .58282
as calculated by www.oanda.com

You have to go to the history part and specify the dates and it's list the daily
closing values and at the vewwy bottom it will give the average for that time period.
When I did it, I got:

FXHistory: historical currency exchange rates Conversion Table: AUD to USD (Interbank
rate) Time period: 01/1/00 to 12/31/00.

Daily averages: 01/01/2000 0.65700000
01/02/2000 0.65650000
01/03/2000 0.65720000

... (cut the loooong list of daily values) ...

01/04/2000 0.55900000
01/05/2000 0.55990000

Average (366 days): 0.58282 High: 0.66850 Low: 0.50730
 
Old Aug 6th 2001, 11:06 am
  #3  
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If there is an IRS office at the US Embassy in Australia, they should be able to provide you with an acceptable exchange rate.

If they can't do this, you can get the official daily exchange rates from here:
http://ia.ita.doc.gov/exchange/index.html

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Old Aug 6th 2001, 11:09 am
  #4  
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Ignore my last post; here's the info you are looking for:

http://www.usembassy.org.uk/irs/irsxchng.htm

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Old Aug 6th 2001, 9:25 pm
  #5  
youngsl
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Thanks!

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