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Right exchange rate for currency conversion for foreign income reporting?
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Right exchange rate for currency conversion for foreign income reporting?
You have a choice of which rate to use, so use the one that is most beneficial to you. According to the IRS:
Use the exchange rate prevailing when you receive, pay, or accrue the item. If there is more than one exchange rate, use the one that most properly reflects your income. You can generally get exchange rates from banks and U.S. Embassies.
The IRS also lists the following resources for obtaining an exchange rate:
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Right exchange rate for currency conversion for foreign income reporting?
You have a choice of which rate to use, so use the one that is most beneficial to you. According to the IRS:
Use the exchange rate prevailing when you receive, pay, or accrue the item. If there is more than one exchange rate, use the one that most properly reflects your income. You can generally get exchange rates from banks and U.S. Embassies.
The IRS also lists the following resources for obtaining an exchange rate:
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