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Level 2
posted Dec 13, 2022 12:36:44 PM

Moved my foreign bank assets to USA but didn't convert to USD

I'm a new permanent resident and moved my foreign assets to US bank but did not convert the amount to USD right away.  After few months, I converted to USD and have suffered some losses in USD terms.  Will I be able to claim forex losses on my taxes per section 988?  The broker does show the forex losses in realized gains/loss reports on their website.

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1 Best answer
Expert Alumni
Feb 8, 2023 10:17:50 AM

Yes, you can report forex losses.

 

Here's how to report forex losses in TurboTax.

 

@noobtt 

4 Replies
Level 15
Dec 13, 2022 2:03:39 PM

@pk

Level 2
Feb 8, 2023 8:39:07 AM

Hello, any experts out there for an answer to my original question?

Expert Alumni
Feb 8, 2023 10:17:50 AM

Yes, you can report forex losses.

 

Here's how to report forex losses in TurboTax.

 

@noobtt 

Level 2
Feb 9, 2023 3:42:21 PM

Thanks Robert.  Hopefully, IB will generate a 1099 for me.