On Feb 6, 4:31*pm, garagecapital <garagecapi...[at]gmail.com> wrote:

- quote -

See the thread "Foreign Savings Accounts-------Treasury Form 90-22-1
Options ".

Evidently you can use the average exchange rate or the daily exchange
rate. Since you have just one transaction, you can pick the better
exchange rate.

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On Feb 6, 4:31*pm, garagecapital <garagecapi...[at]gmail.com> wrote:
- quote -

Well, let me state a few assumptions here. I will assume that if the
profit is denominated in Yen, that this means you are doing this in a
Yen-denominated account. That you had a certain amount of Japanese
currency and through some trading realized a profit, paid in Yen to
the aforementioned Yen-denominated account.

I would think the only reasonable choice would be to use the Yen-$
exchange rate on the day of transaction.

I would also expect that there may be an additional gain or loss when
you actually convert the 850 Yen into dollars and move it into a
dollar-denominated account.

(But note that I am not a tax professional, so....)

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I have a tiny transaction -- 850 Yen profit on a foreign exchange
trade. I am curious. What exchange rate do I use to bring this into a
US dollar figure? The spot on day of transaction, day of doing my
forms ... There are numerous choices.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >