Calculating gain/loss from currency exchange rate for Canadian mortgage

[stanjohnson1111]

Hello, I am a US resident. At the end of 2018 I purchased a Canadian rental property with mortgage from a Canadian bank. I make monthly payments - principal and interest. How to calculate the foreign currency gain/loss on the partial repayment? Thank you!

[MaryK4]

See the link below for the acceptable conversion for US taxes.  

Solved: Right exchange rate for currency conversion for ...

[stanjohnson1111]

Hello,

thank you for the link.

however, I am looking more likely for some kind of formula to calculate, or a method

thanks

[KarenJ2]

Please see the following article regarding exchange rate gain that may be of assistance.

How to Calculate Gain or Loss in Nonfunctional Currency

[DaveF1006]

First you need to convert your Canadian dollars to US dollars and then determine your gain or loss using US dollars. To start, you need find out what the exchange rate was on 12/31/2018. Here is a link to the Oanda currency converter that will determine your exchange rate. There in the middle of the page where you can enter the date.  Also you indicate that the currency you have is Canadian currency that you wish to convert to US dollars.