Cash inheritance Form 5520 foreign currency valuation

[Aussie1]

I received a 6 figure inheritance in the form of cash into my Australian bank account (I am a US Person), how do I value this in $US (It will be over $100k USD), use the exchange rate at the time of receiving it? Or something else. Thanks.

[SusanY1]

For currency conversions, the IRS allows you to use any reasonable method.  If you know the average exchange rate on the day of the deposit, that's a good one to use. 

It is also acceptable to use the IRS annual average rate, found HERE.  Since this is an information report and no tax is actually due, it's not as important to find the "best" rate for your situation, so I would just go with the rate that is easiest to obtain.