I believe I would be getting a 1099k based on the exchange rate at the time of receiving the foreign currency.
Then you have no loss to claim - but you do have income to report, which will be the U.S. dollar amount reported on the 1099-K.
Even if the rate was better for you at the time of billing, it doesn't matter. You flat out can not deduct from your taxable income, that which you never received or paid taxes on in the first place. You claim as income the *exact* amount reported on the 1099-K. No more. No less. No exceptions.
