DIY 1
Returning Member

Deductions & credits

Hello Anonymous,

Your explanation was informative. Can we conclude that losses occurring from foreign currency devaluation for individuals who sent funds  to a foreign bank savings account/CD which gives an annual interest (3-4)%  (taxes paid on interest earned all these years) can be  applied once the funds are converted back into USD years later?

 

Funds originally transferred for saving and investment purpose many years ago and not for travel /vacation purpose