Do I have to / Can I report gains/ losses due to change of the valuation of foreign account deposits resulting from foreign exchange rate changes?

[pk]

Any gain/loss due to exchange rate , is not reportable/ taxable, especially  for personal assets.

The only area where there may be effects is for FBAR and FATCA --- e.g. if you have a foreign  bank account ( owned / signature authority only), the same foreign currency amount may require filing form 114  depending on exchange rate on the last day of the year.

What are you trying to achieve? Are you a US citizen/resident/resident for tax purposes?

Namaste ji

[anilmankodi1]

Yes I am a US resident. I reported interest income as well as FBAR for foreign accounts but was not sure if $$ value changes due to exchange rate changes has any reporting requirements under foreign accounts gains/losses under individual IT return. Thanks and Namaste ji.

[pk]

You are correct there are no reporting requirements for tax purposes for losses/gains caused by exchange rate fluctuation -- not till disposal time of the asset.  Namaste