MidAtlantic

The December 31, 2022 rate, which is required for FBAR calculations, is now available. GBP/USD rate is 0.83

It is on Page 32 here: https://fiscaldata.treasury.gov/data...es-of-exchange

durham_lad

Thanks for that

lansbury

Thank you

iceflow

Anything on the IRS rate for Tax Return?

I can't find anything on their site for 2022.

Thanks

tht

IRS is part of the treasury…

https://home.treasury.gov/about/bureaus

MMcD

Nor can I.
They show no update since 2021 rates: https://www.irs.gov/individuals/inte...exchange-rates
Strange....

MMcD

Thanks!

MMcD

Yes, but the IRS rate, if one chooses to use it, is a yearly average.
The FBAR rate, which is required to be used when filing, is the currency's exchange rate on 31st Dec.

Glasgow Girl

I doubt they will bat an eye so long as the exchange rate is in the ballpark.

lansbury

The IRS have just put it up. It is $1.2330 to £1

https://www.irs.gov/individuals/inte...exchange-rates

durham_lad

Exactly. When you file the FBAR you don’t have to report which exchange rate you used.

durham_lad

Thanks for that.

MidAtlantic

The FBAR instructions do say to use the Treasury Rate of Exchange. I have no idea whether it really matters, but why do something different?

durham_lad

I don't do anything different.

PetrifiedExPat

For FBAR I believe our CPA uses Treasury Rate of Ex, although I never check. I prob. should.