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Deductions & credits
use a 1099-int. list the name of the foreign bank. you'll need to convert from foreign currency to US currency.
Most people use the yearly average exchange rate between the U.S. dollar and the foreign currency they receive to calculate this. The IRS lists a few yearly exchange rates on the Yearly Average Currency Exchange Rates Translating Foreign Currency into U.S. Dollars page of its website.
Note that there is no “official” exchange rate you are obliged to use for this calculation. Any posted, “consistently used” exchange rate—like those utilized by major banks—is acceptable
https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates
February 3, 2021
12:02 AM