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Topic: exchange rate - tax return and 8938/FATCA  (Read 1122 times)

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exchange rate - tax return and 8938/FATCA
« on: March 04, 2012, 12:57:28 PM »
I want to make sure I'm getting this right.  The 2011 unofficial average for the pound is $1.54 - according to IRS and embassy, so you can use that in figuring your tax return. For 8938/FATCA and for FBAR, you use the Treasury figure for the exchange rate on 31 December 2011. That is $1.56. Different rates for different filings. Is this correct?


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Re: exchange rate - tax return and 8938/FATCA
« Reply #1 on: March 04, 2012, 02:29:08 PM »
Hi Marty,

The unofficial rate for 1040 is 1.54. The Treasury rate at 31/12/2011 is 0.6370 (1.5699) for FBAR and 8938.


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Re: exchange rate - tax return and 8938/FATCA
« Reply #2 on: March 04, 2012, 03:18:58 PM »
many thanks.


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