Official Exchange Rates for US Taxes

ROC taxes, overseas payment of taxes, withholding rates, general tax liability issues, and other tax-related matters
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Official Exchange Rates for US Taxes

Postby jlick » 31 Mar 2006, 19:16

When you file your 2005 US taxes, the official exchange rate for this tax year is 31.98.

http://ait.org.tw/en/news/pressrelease/ ... 1&GROUP=PR
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US Taxes 2005 official exchange rate

Postby Les Edelman » 14 Apr 2006, 04:53

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

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Postby Dragonbones » 21 Jun 2006, 16:29

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
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Postby YaPiPi » 21 Jun 2006, 23:51

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 :noway:
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Postby Dragonbones » 22 Jun 2006, 00:03

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:
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Postby jlick » 22 Jun 2006, 11:13

YaPiPi wrote: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 :noway:


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.
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The rate for 2007 is 32.23

Postby Dragonbones » 15 May 2008, 16:02

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Postby fee » 15 May 2008, 16:18

Thanks for that link, DB.
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Re: Official Exchange Rates for US Taxes

Postby Dragonbones » 16 Jun 2009, 13:56

Update:
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
2008 - NT$32.9650 = US$1.00
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Re: Official Exchange Rates for US Taxes

Postby Dragonbones » 25 May 2010, 16:53

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