turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

flofra1
New Member

Where can I find the (average) exchange rates for 2018? The IRS still seems not to have updated its tables.

January is nearly over and no published exchange rates for 2018.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Where can I find the (average) exchange rates for 2018? The IRS still seems not to have updated its tables.

As you probably know, any transactions that occurred on a specific date should use the exchange rate on that date. You can find this on well-known websites (e.g., x-rates.com etc.).

For averages, the IRS will accept any reasonable method for determing the average. For example, for a yearly average, it is probably not sufficient to average the exchange rates on the first and last days of the year, but it probably it is sufficient to average the first or last days of each month (12 rates total), especially for an exchange rate that is not wildly fluctuating.

Whatever you do, be sure to document the rate you used and how you determined it, and keep it with your tax records.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question