Good morning,
Thanks to pk and Opus for your comments and suggestions.
- I have been using the US Treasury Reporting Rates. I am posting the links so that they could be useful to other members. I use the dollar to rupee year-end conversion rate for each year and mention in our tax return that the currency conversion is based on the US Treasury Reporting Rates.
- You can find Treasury Reporting Rates of Exchange for the years 1963-2005 at the below link for Govinfo. These are in PDF format only. https://go.usa.gov/xm7a3
- Treasury Reporting Rates of Exchange for the years 2001 to the present are available through the Bureau of the Fiscal Service. These datasets can be downloaded as CSV, JSON, or XML.
https://fiscaldata.treasury.gov/datasets/treasury-repor[product key removed]nge/treasury-reporting-r...
- Is it Ok to add the following items to our cost of acquisition/purchase price?
1) attorney's fee for preparing the documentation 2) valuation fee 3) airfare for traveling to execute the transaction 4) broker commission 5) improvement charges (fencing to secure the property) 6) fee paid to the tax preparer 7) registration fee paid to the government at the time of purchase. I will have documentation to support each item.
After adding all the fees mentioned above, the cost of acquisition will be computed and will be used on our US tax return.
One request to pk: Is it possible to contact you outside the forum? It looks like you are an expert on the tax laws of India. This is because you clearly mention the tax rates on LTCG and taxation year in India in your reply. Please let me know. Sincerely, Dabu.
