Investors & landlords

You can report your loss on your foreign currency conversion by following the steps below:

1. In the Wages & Income section, scroll to Less common income.
2. Click the Start/Revisit box next to Miscellaneous Income, 1099-A, 1099-C
3. On the next screen, click the Start/Edit box next to Other Reportable Income.
4. If you have already made entries, you will see a screen, Other Miscellaneous Income Summary.  Click the Add another income item link.
5. If you haven't yet made entries, you'll see the screen Any Other Taxable Income?  Click the Yes box.
6. On the Other Taxable Income screen, enter the description "Loss on foreign currency transactions." and enter the loss as a negative amount.

You may use the Yearly Average Currency Exchange Rates on the IRS website or the exchange rate on the date you changed the money.