Annual or Spot Exchange Rate?

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ontn
Posts: 7
Joined: Sun Feb 07, 2010 1:23 pm

Annual or Spot Exchange Rate?

Post by ontn » Sun Feb 28, 2010 1:55 am

I only received ONE Canadian Pay Check in January 2009 (Before moving to USA).

For US Income Tax Purposes (Doing 1040 for Full Year World Income), do I use the Spot Exchange Rate on that Date or Annual 2009 Rate?

The ONE Canadian Pay Check was for Hours Worked in Late 2008 & A 2008 Year-End Bonus.

Thanks again!

nelsona
Posts: 16045
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Sun Feb 28, 2010 8:14 am

You should use the exchange on that day. The only time one should use average rates is for periodic regular payments.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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