Losses on PFIC - Form 8621

Hi,

I've been filing Form 8621 for a few years now to reflect mark to market adjustments on investments I have in funds outside of the US. This year, though, I only had losses given the devaluation of the investment currency against USD. When selling shares in 2020, the proceeds (-) cost resulted in a negative amount as the cost basis was higher considering the FX rate at the time of purchase (which resulted in a loss in USD). I have 2 questions:

1. By including these losses on my Form 8949 I'm getting a significant reduction to my tax bill. Am I able to claim those losses even though they were from investments outside of the US? I'd honestly prefer not to report these losses and pay the full tax bill (this way being more conservative), but I'm afraid I have to continue to report it given that I reported mark to market gains on those same funds in the past few years.

2. If I do report the losses, is the "Gains/(Losses)" Box under the "Amounts Attributable to other Foreign Financial Assets" the right place to reflect it, and then referencing the Schedule D line number where the losses would be itemized?

Any support would be very appreciated!