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February 27, 2023
Question

Is the FOREIGN (Canada) Rental Property income and cost automatically converted by TurboTax from Canadian Dollars to US Dollars? Thank you

  • February 27, 2023
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1 reply

February 27, 2023

No, you will need to convert your amounts  from CAD to USD yourself and then enter only the USD amounts in for your Canadian rental income and expenses. 

 

For tax purposes, you should use the Yearly Average Currency Exchange Rates published on the IRS website. Click here to access. 

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