Hello,
In 2024, I transferred some inheritance money from America to the foreign Country-A where I live. I received that money in stages in dollars on a certain day and exchanged it on another day in a few transactions.
Because of the falling Dollar value, I had currency exchange losses of xxxx dollars in Country-A. How can I enter this on my US Taxes. Should I reconvert the foreign losses to dollars again with the exchange rate when the money arrived in Country-A in reverse or can I use the Country-A loss multiplied by the IRS yearly average exchange rate.
Do I use Schedule D and form 8949 or whatever. I have to calculate, but have proof of all exchanged.
On 8949 (C): Short term transaction not reported on 1099-B
Description of Property : US Dollars
Gain or loss -$xxxx
Is there a special form for currency losses?
Thanks in advance for any help
