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Get your taxes done using TurboTax
Are you sure it's right?
Let's say a person had $1000k in a foreign currency and the interest of $100k in foreign currency. Because of hyperinflation, at the end of the year, all money turned into $1. According to you, the person has to pay taxes on the interest of $100k which sounds insane. The loss due to the exchange rate has to be accounted for somehow... Is there a way to do this in TurboTax Deluxe?
‎February 6, 2021
12:05 PM