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#1
04-11-2005, 05:16 PM
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 Re: U.S. Citizen / Foreign Stock Trades A.G. Kalman wrote: - quote - > G Scotty wrote:
Technically, that is correct. However, IRS will accept the> > A citizen of the United States has a brokerage account in > > Germany. A U.S. investment manager executes trades on the > > German market, and at the end of the year gives the U.S. > > Citizen a summary of such trades indicating date acquired, > > date sold, purchase price and sale price. The investment > > manager also gives the U.S Citizen a total for dividend > > income for the year. All numbers are in EURO's. > > > Are the any IRS publications that deal with how this is > > reported? For example: > > > If Stock A is bought 2/27/02 at 1200 Euro and sold 04/04/04 > > at 1700 Euro, does the U.S. Taxpayer convert the gain of 500 > > Euro based on the 04/04/04 exchange rate? Or does the > > taxpayer convert the 1200 based on the 2/27/02 exchange rate > > and the 1700 based on the 04/04/04 exchange rate? > You use the rate on each date. > > Do you use an average exchange rate for 2004 to convert the > > dividend income to U.S. Dollars, or do you convert based on > > the day the dividend was credited to your account? > You use the rate for the day you received the dividend. use of an average rate unless the amounts are significant. You can find the official Federal Reserve Rates for this purpose at: http://www.federalreserve.gov/releases/g5a/ Lanny K. Williams, CPA Nawarat, Williams & Co., Ltd. Income Tax Services for Expatriate Americans << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-05-2005, 07:55 AM
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| Re: U.S. Citizen / Foreign Stock Trades G Scotty wrote: - quote - > A citizen of the United States has a brokerage account in
You use the rate on each date.> Germany. A U.S. investment manager executes trades on the > German market, and at the end of the year gives the U.S. > Citizen a summary of such trades indicating date acquired, > date sold, purchase price and sale price. The investment > manager also gives the U.S Citizen a total for dividend > income for the year. All numbers are in EURO's. > Are the any IRS publications that deal with how this is > reported? For example: > If Stock A is bought 2/27/02 at 1200 Euro and sold 04/04/04 > at 1700 Euro, does the U.S. Taxpayer convert the gain of 500 > Euro based on the 04/04/04 exchange rate? Or does the > taxpayer convert the 1200 based on the 2/27/02 exchange rate > and the 1700 based on the 04/04/04 exchange rate? - quote - > Do you use an average exchange rate for 2004 to convert the
You use the rate for the day you received the dividend.> dividend income to U.S. Dollars, or do you convert based on > the day the dividend was credited to your account? -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-02-2005, 08:53 AM
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| U.S. Citizen / Foreign Stock Trades A citizen of the United States has a brokerage account in Germany. A U.S. investment manager executes trades on the German market, and at the end of the year gives the U.S. Citizen a summary of such trades indicating date acquired, date sold, purchase price and sale price. The investment manager also gives the U.S Citizen a total for dividend income for the year. All numbers are in EURO's. Are the any IRS publications that deal with how this is reported? For example: If Stock A is bought 2/27/02 at 1200 Euro and sold 04/04/04 at 1700 Euro, does the U.S. Taxpayer convert the gain of 500 Euro based on the 04/04/04 exchange rate? Or does the taxpayer convert the 1200 based on the 2/27/02 exchange rate and the 1700 based on the 04/04/04 exchange rate? Do you use an average exchange rate for 2004 to convert the dividend income to U.S. Dollars, or do you convert based on the day the dividend was credited to your account? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| citizen, foreign, stock, trades |
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