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Losses in a foreign cash account due to devaluation of the foreign currency over time.
I have a foreign securities account tied to a foreign cash account for holding sales proceeds. I have paid capital gains on all sales while maintaining the proceeds in the foreign account. Due to devaluation of the foreign currency over time, when I withdraw money and convert it to USD, I receive less than I declared for capital gains. Can I take a loss from the devaluation?
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May 31, 2019
5:29 PM