# Reporting Interest from Foreign Currency Accounts



## Alltimegreat1 (Feb 25, 2015)

I have a foreign-currency bank account outside of the US that generated interest in 2020.

When I report my interest income from that account on my US tax return, should I take exchange rate fluctuations into account?

Or should I only just convert the interest over the year into dollars at one single exchange rate?


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## Moulard (Feb 3, 2017)

Technically one is meant to use a publicly published spot rate on the date the interest was paid. 
It doesn't really matter which published rate you use so long as you consistently use the same the same method across your entire return.
Practically however many people use an IRS published average rate for the year.


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