lykhin
Returning Member

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?