Changing exchange rate reporting on FinCen 114, and 8938

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cat
Posts: 46
Joined: Tue May 24, 2005 1:40 pm

Changing exchange rate reporting on FinCen 114, and 8938

Post by cat »

In 2016 on Form 114 and 8938 - and possibly a few previous years, I (my tax guy) used the Bank of Canada exchange rate for Form 114 and 8938 but the instructions say to use the Treasury department's year end rate for 114. I report 5 accounts 2 RRSPs, joint banking accounts, own bank account

If I change to the Treasury depth reporting method do you think this will cause any problems for me or that I will need to amend my previous submissions? I read on a website the IRS will not allow changing rates and sources in each year to obtain the most advantageous exchange rate - I just want to change it to be compliant going forward.
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

The instructions should be followed. You are not calculating tax with this.

Do the correct thing going forward.

Why would it caise "problems"? Treasury just wants a yearly report.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
cat
Posts: 46
Joined: Tue May 24, 2005 1:40 pm

Post by cat »

True, the FBAR is all about the reporting of accounts.
Thank you for your insight Nelsona.
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