Hello,
I had a certificate of deposit account at a foreign bank with foreign currency. The purpose of this account was investment reasons and to earn interest. However, things did not go as planned. I had significant losses due to devaluation of that foreign currency against USD. Then I closed the account in 2021 and transferred the remaining amount to the US in 2021. This is not a personal transaction as per Section 988. Can this transaction be treated as a Section 988 loss?
Thanks!
