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 »

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!
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You should use the exchange on that day. The only time one should use average rates is for periodic regular payments.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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