Hi J,
I am doing the same as you suggested for points 1 - 3. For point 4 - the FX rate, I found this on the IRS website:
Currency Determination Date Use the currency exchange rate on the last day of the tax year to figure the maximum value of a specified foreign financial asset or the value of a specified foreign financial asset for the purpose of determining the total value of your specified foreign financial assets to see whether you have met the reporting threshold. Use this rate even if you sold or otherwise disposed of the specified foreign financial asset before the last day of the tax year.
I am going to use the closing GBP/USD rate on 12/29/23, which was 1.2733, according to the WSJ. Scottish Widows also make it very difficult to find historical values as there is no online statements, so I am planning to use the closing balance at year end also. There is no income, so I figure that this will not make much difference.
