Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

IRS Average Yearly Exchange Rates

IRS Average Yearly Exchange Rates

Old Jan 13th 2016, 8:57 pm
  #1  
Thread Starter
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,471
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default IRS Average Yearly Exchange Rates

Looking at the IRS instructions for the 2015 tax year exchange rates it seems that they have changed how the exchange rate is applied. I cannot see in the instructions the previous guide that if payments were received at regular intervals over the year, the average rate could be used.

Instead it now only says:-

You must express the amounts you report on your U.S. tax return in U.S. dollars. Therefore, you must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. In general, use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.
The use of the spot rate would mean paying tax on a higher amount than it is possible to achieve by a regular exchange using either a broker or high street bank.

https://www.irs.gov/Individuals/Inte...Exchange-Rates

https://www.irs.gov/Individuals/Inte...Exchange-Rates
lansbury is offline  
Old Jan 13th 2016, 9:28 pm
  #2  
Heading for Poppyland
 
robin1234's Avatar
 
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 11,096
robin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond repute
Default Re: IRS Average Yearly Exchange Rates

I think I'll keep on doing it the old way. I'll be damned if I put more effort/complication into it just because of some change in the small print.
robin1234 is offline  
Old Jan 13th 2016, 9:44 pm
  #3  
Thread Starter
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,471
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: IRS Average Yearly Exchange Rates

Originally Posted by robin1234 View Post
I think I'll keep on doing it the old way. I'll be damned if I put more effort/complication into it just because of some change in the small print.
I was thinking very much along those lines to. Be interesting to see if they actually publish an average rate for 2015.
lansbury is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.