3688509
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

Reporting Currency exchange losses for an American Expat

Hello,

In 2024, I  transferred some inheritance money from America to the foreign Country-A where I live. I received that money in stages in dollars on a certain day and exchanged it on another day in a few transactions.

Because of the falling Dollar value, I had currency exchange losses of xxxx dollars in Country-A.  How can I enter this on my US Taxes.  Should I reconvert the foreign losses to dollars again with the exchange rate when the money arrived in Country-A in reverse or can I use the Country-A loss multiplied by the IRS yearly average exchange rate.

Do I use Schedule D and form 8949 or whatever. I have to calculate, but have proof of all exchanged.

On 8949 (C): Short term transaction not reported on 1099-B

Description of Property : US Dollars

Gain or loss -$xxxx

Is there a special form for currency losses?  

Thanks in advance for any help

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.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question