On Feb 25, 7:27*pm, Alan <sfcnm-...[at]yahoo.com> wrote:

- quote -

There is some discrepancy between the various websites quoted in this
thread:

Website = http://www.federalreserve.gov/releas...t/dat00_nz.txt
Description = VERSION 0 -- NEW ZEALAND -- SPOT EXCHANGE RATE, $US/NZ$
31-Dec-07 0.7678

Website = http://fms.treas.gov/intn.html#rates
Description = Treasury Reporting Rates of Exchange as of December 31,
2007
NEW ZEALAND - DOLLAR 1.3030
Inverse of the above is 0.76745970836531082118188795088258

Website = http://www.oanda.com/convert/fxhistory
Detail = Interbank rate
Answer = 0.77520

Detail = Typical Cash Rate (Interbank rate + 4%)
Answer = 0.8062080

It never makes sense to use the interbank rate as only banks get that
favorable exchange rate.

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removeps-groups[at]yahoo.com wrote:
- quote -

http://www.federalreserve.gov/releas...t/dat00_nz.htm

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

<removeps-groups[at]yahoo.com> wrote in message
news:789fb3f2-3a72-4297-b15a-105b94a8e0c3[at]e25g2000prg.googlegroups.com...
- quote -

He left out an s. Try this one:

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

--
Bruce E. Cobern, CPA
mailto:bec[at]pipeline.com

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

On Feb 25, 5:18 am, L K Williams <la...[at]loxinfo.co.th> wrote:

- quote -

Your URL

http://www.federalreserve.gov/release/G5a/Current/

is not working.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

On Sun, 24 Feb 2008 19:06:51 EST, "removeps-groups[at]yahoo.com"
<removeps-groups[at]yahoo.com> wrote:

- quote -

Many of the tax returns I prepare for clients involve foreign earnings
which must be translated to dollars. For several years, I have used
the rates published by the Federal Reserve --
www.federalreserve.gov/release/G5a/Current/ which is posted annually.
The US Embassy in Bangkok posts this list as guidance for Americans in
Thailand.

Since this is a rate published for use by government agencies to use
in official accounting documents, it should satisfy your needs.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

On Feb 11, 11:08 am, "removeps-gro...[at]yahoo.com" <removeps-
gro...[at]yahoo.com> wrote:
- quote -

For anyone who's interested, I found <http://www.irs.gov/businesses/
small/article/0,,id=130524,00.html> . At the bottom are several links,
and one of them is the one I mention below.

- quote -

But the government website does not look correct because they use the
interbank rate. Consider an example. The treasury department website
at http://fms.treas.gov/intn.html#rates says the exchange rate for US
Dollar to South African rand is

12/31/2007 6.85470000

However, the website oanda.com says the conversion on 12/31 is
6.85470000 only if you use the interbank rate.

But any person who moves money around would probably get the typical
cash rate, which is the interbank rate plus 4%, in which case the
exchange rate would be 7.12888.

Do they publish any guidance on which exchange rate to use?

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

On Feb 7, 4:18*pm, "sgallag...[at]rogers.com" <sgallag...[at]rogers.comwrote:

- quote -

What is the website for the average exchange rate?

- quote -

For daily exchange rates I use <http://www.oanda.com/convert/
fxhistory> , and "Typical cash rate: +4%".

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

- quote -

You should report the income on US tax forms in US dollars. To
convert
the income from NZD to USD you have the option of using an average
exchange rate for 2007, which the IRS can provide to you. Or, you can
use
the exchange rates that were in effect on the individual days that you
received
interest payments into the account, and calculate each payment's
conversion
separately.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

My wife and I are residents of California and U.S. citizens. She has
dual citizenship, New Zealand and U.S.A. We have a joint savings
account in New Zealand which is inheritance from her family.
The amount is substantial and over $10,000 USD. I have reported the
2007 interest paid to the account as well as the Non Resident With
Holding Tax payed to the NZ government on Turbo Tax.
My question is--------do I use USD amounts by converting NZD dollars,
or do I use NZD amounts and the IRS does the conversion?

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >