2008 Unofficial Exchange Rate for 2555

Hi All,

I thought I'd get a head start on my 2555 & 1040 this year, but haven't been able to find out what the 2008 conversion is.  Does anyone know yet?

I was looking for that, too.  Anyone?

On the IRS website it says:

Exchange Rate

Question:   Is there an Internet site with the exchange rates to convert foreign currencies to American dollars?

Answer:   You can obtain currency exchange rates at several web sites referenced below.

Governmental Resources

    * Treasury Department's Currency Exchange Rate
    * Federal Reserve Board
    * U.S. Department of Agriculture

External Resources

    * Oanda.com
    * xe.com
    * x-rates.com

http://www.irs.gov/faqs/faq/0,,id=199668,00.html

I have a question.  Given that the exchange rate changed dramatically over the course of the last year, what exchange rate do you use?  Surely not the current rate.  Should we be using a different exchange rate for each month's paycheck.  What is the appropriate way to sort this out?  The IRS website has no information on this issue (that I could find). 

The Oanda site lets you backdate your conversion. If you have your paystubs or get the same amount every pay period you can get the conversion for each paydate. Fun evening if you get paid weekly

Going to do it every week or throughout the year from now on. Lesson learned.

They publish an official exchange rate that you use for the year, I found it last year through the Treasury department website. 

They publish an official exchange rate that you use for the year, I found it last year through the Treasury department website. 

Aha! Thanks for suggesting that. A quick google found:

http://www.federalreserve.gov/releases/g5a/current/

2008:

 *UNITED KINGDOM   POUND           1.8545