When you file your 2005 US taxes, the official exchange rate for this tax year is 31.98.
The IRS apparently has a strong preference for the website www.oanda.com which provides an average 2005 rate USD/TWD of
Average (365 days): 32.19914
U.S. tax services for Americans overseas
Has anyone got the 2004 FX rate on hand still? I’m filing 2 years at once, and can’t find this info through the search here or online. :help:
EDIT: oops, found it – http://www.oanda.com/convert/fxhistory
Very easy to use! NTD x 0.03117 = USD
Just an FYI, when I filed taxes, the instructions for the foreign income report form stated that you need to calculate the exchange rate for the day you received each payment, i.e., check, which for me was every one month. I had to find 12 different rates and a few more for bonus payments. I now wonder if there was an easier way
I just take one rate (usually the official one posted by AIT), file with that, and assume the IRS will never be anal enough to check it on a per-payment basis. If they do, it will be off by mere pennies anyway – so what? :loco:
In most cases, there’s two possible ways to do it. The first option is to just take the annual average (either the US Treasury figure that AIT publishes or the average from a commercial service like oanda) for all transactions. The other option is to use the exchange rate for the day you received a payment for each transaction. If you receive payments throughout the year, you can use either method. If you receive infrequent payments in some cases you must use the exchange rate for the date of each transaction (this usually only applies to businesses). If you receive regular paychecks throughout the year using the yearly average is easier and will probably be the same as doing per-payment exchange rates.
The rate for 2007 is 32.25
Thanks for that link, DB.
[quote]The U.S. Treasury reporting rate of exchange for Taiwan for the past 9 years are:
2000 - NT$31.38 = US$1.00
2001 - NT$33.88 = US$1.00
2002 - NT$34.425 = US$1.00
2003 - NT$34.238 = US$1.00
2004 - NT$33.06 = US$1.00
2005 - NT$31.98 = US$1.00
2006 - NT$31.83 = US$1.00
2007 - NT$32.25 = US$1.00
[color=#BF0000]2008 - NT$32.9650 = US$1.00[/color] [/quote]
2009 - NT$31.95 = US$1.00
Don’t they publish these numbers before April 15?
I used 32.
I don’t know when they publish them. As an expat abroad you don’t have to file until June 15, but you have to attach a brief letter requesting this automatic 2-mo. extension, so I file in mid to late May every year, which is why I just looked up the info and completed my return today.
Well I never really make enough for them to care anyway.