lykhin
Returning Member

Interest in foreign currency

I had a deposit in foreign currency which generated an income over the year. However, the exchange rate dropped significantly over that year and there was no income but only loss when converting foreign currency to  USD. So, I do have an income in foreign currency but I have a loss in USD. Do I report the interest converted to USD as my income or I simply report nothing due to the fact that I haven't earned anything?