Your answer is not at all accurate. Code 988 deals with gains/losses related to non functional currency. <a rel="nofollow" target="_blank" href="
https://www.law.cornell.edu/uscode/text/26/988">https://www.law.cornell.edu/uscode/text/26/988</a>. I need to find out how to report these within Turbo Tax when the money was invested in overseas fixed deposits and I have reported and paid taxes on interest earned in the functional currency (USD) over the years but now I repatriated the funds back to US and need to recover the losses incurred when converting the amount from non functional currency to functional currency.
