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IRS Exchange rate

IRS Exchange rate

Old Feb 27th 2019, 2:27 am
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Default IRS Exchange rate

Can't find it but in a previous post, someone gave a link for the exchange rate from the IRS for accounting purposes for those of us who have money abroad and have to fill out FACTA forms. I seem to recall it was listed at 1.33 but my accountant has filled in a rate at 1.3495. Just checking to see which is correct, if one can supply a link please to clarify
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Old Feb 27th 2019, 11:08 am
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Default Re: IRS Exchange rate

Originally Posted by branmin View Post
Can't find it but in a previous post, someone gave a link for the exchange rate from the IRS for accounting purposes for those of us who have money abroad and have to fill out FACTA forms. I seem to recall it was listed at 1.33 but my accountant has filled in a rate at 1.3495. Just checking to see which is correct, if one can supply a link please to clarify
Here it is; https://www.fiscal.treasury.gov/repo...e/current.html
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Old Mar 1st 2019, 5:09 pm
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Default Re: IRS Exchange rate

Mnay thx...
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Old Mar 1st 2019, 7:38 pm
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Default Re: IRS Exchange rate

Originally Posted by branmin View Post
Can't find it but in a previous post, someone gave a link for the exchange rate from the IRS for accounting purposes for those of us who have money abroad and have to fill out FACTA forms. I seem to recall it was listed at 1.33 but my accountant has filled in a rate at 1.3495. Just checking to see which is correct, if one can supply a link please to clarify
The average IRS exchange rate is indeed 1.333 but that is not what you use for FBAR
https://www.irs.gov/individuals/inte...exchange-rates


Midatlantic posted the correct link for FBAR rate to use which was the rate on Dec 31st.
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Old Mar 2nd 2019, 2:11 pm
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Default Re: IRS Exchange rate

Not following you here. My accountant used a rate of 1.3495. The link you gave implies 1.333 but the previous poster gave a revised link that showed 0.78 as opposed to 0.75?
Thx.
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Old Mar 2nd 2019, 2:37 pm
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Default Re: IRS Exchange rate

Originally Posted by branmin View Post
Not following you here. My accountant used a rate of 1.3495. The link you gave implies 1.333 but the previous poster gave a revised link that showed 0.78 as opposed to 0.75?
Thx.
there are two separate rates, one is the IRS average and the other is published by the US Treasury at year end and must be used to report on the FBAR.
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Old Mar 2nd 2019, 5:57 pm
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Default Re: IRS Exchange rate

Both the 8938 & the FBAR require one uses the official US Treasury rate. I'd ask your accountant why they are using a different rate on your 8938 than everyone else uses.
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