turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

anilmankodi1
Returning Member

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?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
pk
Level 15
Level 15

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?

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
Returning Member

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?

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
Level 15
Level 15

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?

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
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies