I bought some inventory on eBay out of Canada and paid in CAD money. How is that converted to US dollars?

[ThomasTax]

So I spent "C $60.12" Total Canadian dollars I think.

Breakdown was

C 40.00

C 18.00

C  2.12

---

C 60.12

Also this inventory is for my 2020 taxes and the purchase was made on 06-30-2020

How does that break down?

TIA

[Vanessa A · Accepted solution]

You would use the exchange rate which was .737626 on June 30, 2020.  This would equal $44.35 (60.12 x .737626)

[ThomasTax]

I should have put how do I get the correct US value from 2020?

Breakdown was

C 40.00 Items

C 18.00 Shipping

C  2.12 Tax

---

C 60.12

I paid tax on inventory out of Canada to so that's strange. Do I claim that tax under my COGS?

[ThomasTax]

Thank you for the answer / conversion however should the out of country tax be included in the deduction?

[JohnB5677]

Yes, you should include the Canadian tax in your Inventory Cost and it will ultimately be reflected in your COGS.