You must express the amounts you report on your U. Therefore, you must translate foreign currency into U. In general, use the exchange rate prevailing i. The only exception relates to some qualified business units QBUs , which are generally allowed to use the currency of a foreign country.
If you have a QBU with a functional currency that is not the U. A taxpayer may also need to recognize foreign currency gain or loss on certain foreign currency transactions. See section of the Internal Revenue Code and the regulations thereunder. The Internal Revenue Service has no official exchange rate.
Generally, it accepts any posted exchange rate that is used consistently. When valuing currency of a foreign country that uses multiple exchange rates, use the rate that applies to your specific facts and circumstances. The exchange rates referenced on this page do not apply when making payments of U. If the IRS receives U.
To convert from foreign currency to U. To convert from U. For you and your family. Individuals abroad and more. EINs and other information. Get Your Tax Record. Bank Account Direct Pay. Debit or Credit Card. Standard mileage and other information. Child and Dependent Care Tax Credit. Employee's Withholding Allowance Certificate. Request for Transcript of Tax Returns. Employer's Quarterly Federal Tax Return. Wage and Tax Statement. Popular For Tax Pros. Apply for Power of Attorney.
Apply for an ITIN. Translating foreign currency into U. Currency exchange rates The Internal Revenue Service has no official exchange rate.
Yearly average currency exchange rates For additional exchange rates, refer to Foreign Currency and Currency Exchange Rates. Dollars Country Currency Afghanistan Afghani International Taxpayers Press Releases. International Taxpayers Interactive Tools. Page Last Reviewed or Updated:More...