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bodhi24
March 28, 2022
Question

My income is from Japan. The conversion rate for 2021 JPY to US(109.817). Recently conversion rates dropped to125. How can I claim/deduct losses when I convert JPY to US.

  • March 28, 2022
  • 2 replies
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Japan to US conversion loss

2 replies

M
MinhT1
March 28, 2022

Exchange conversion losses are NOT deductible on your tax return.

 

 

 

 

[Edited 03/28/2022 | 5:51 PM]

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bodhi24Author
March 28, 2022

Thank you Minh, Since I am exchanging in 2022 to pay for my 2021 taxes. I am assuming the deductions will be put on my 2022 taxes, and if I don't have income in 2022 can I roll it over to the next year. Thanks for your info

M
MinhT1
March 28, 2022

Even if you had to convert JPY into USD to pay your US taxes, exchange losses are not deductible. They cannot be carried over either.

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    M
    MinhT1
    March 28, 2022

    My first answer was a mistype. My apologies. 

     

    I have edited my answer.

     

    I can confirm that exchange losses are NOT deductible.

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    bodhi24Author
    March 28, 2022

    Thank you for your kind guidance and support Minh.

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