TAx, Exchange Rates and Rental Income
Mar 24th 2007, 6:28 pm
#1
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Joined: Mar 2004
Posts: 2
TAx, Exchange Rates and Rental Income
I have nearly finished my taxes, one question that I have yet to find an answer for.
My second US Tax return with UK rental income, I put in the acquired value last year and depreciated it.
Now I have to put it in again, that has not changed but of course the exchange rate has. So what do people do, use the same dollar value as last year, or the same sterling value with a new dollar value? I am inclined to go with the same dollar value, it would be benefical to go with the new exchange rate.
My second US Tax return with UK rental income, I put in the acquired value last year and depreciated it.
Now I have to put it in again, that has not changed but of course the exchange rate has. So what do people do, use the same dollar value as last year, or the same sterling value with a new dollar value? I am inclined to go with the same dollar value, it would be benefical to go with the new exchange rate.
Mar 24th 2007, 11:09 pm
#2
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: TAx, Exchange Rates and Rental Income
I have nearly finished my taxes, one question that I have yet to find an answer for.
My second US Tax return with UK rental income, I put in the acquired value last year and depreciated it.
Now I have to put it in again, that has not changed but of course the exchange rate has. So what do people do, use the same dollar value as last year, or the same sterling value with a new dollar value? I am inclined to go with the same dollar value, it would be benefical to go with the new exchange rate.
My second US Tax return with UK rental income, I put in the acquired value last year and depreciated it.
Now I have to put it in again, that has not changed but of course the exchange rate has. So what do people do, use the same dollar value as last year, or the same sterling value with a new dollar value? I am inclined to go with the same dollar value, it would be benefical to go with the new exchange rate.
Mar 25th 2007, 7:43 am
#4
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Joined: Dec 2002
Location: Ft Lauderdale, FL
Posts: 4,792
Re: TAx, Exchange Rates and Rental Income
I have nearly finished my taxes, one question that I have yet to find an answer for.
My second US Tax return with UK rental income, I put in the acquired value last year and depreciated it.
Now I have to put it in again, that has not changed but of course the exchange rate has. So what do people do, use the same dollar value as last year, or the same sterling value with a new dollar value? I am inclined to go with the same dollar value, it would be benefical to go with the new exchange rate.
My second US Tax return with UK rental income, I put in the acquired value last year and depreciated it.
Now I have to put it in again, that has not changed but of course the exchange rate has. So what do people do, use the same dollar value as last year, or the same sterling value with a new dollar value? I am inclined to go with the same dollar value, it would be benefical to go with the new exchange rate.
Reg. Frank R.
Mar 25th 2007, 7:50 am
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Location: Ft Lauderdale, FL
Posts: 4,792
Mar 25th 2007, 5:10 pm
#6
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Thread Starter
Joined: Mar 2004
Posts: 2
Re: TAx, Exchange Rates and Rental Income
Sorry if the question was not quite clear, it is the Depreciation calculation, could not work out if I should amend the Buildings asset value as well. Obviously the tax programmme I am using assumes that the initial value in service remains constant.
