2024-01-09
Last Friday the IRS published average currency exchange rates for 2023. These average rates are used:
I also use these average rates to convert from local currency to U.S. dollars on Schedule C (Income Statement) of Form 5471.
The Treasury Department has also published year-end currency exchange rates for 2023. These year-end exchange rates are used:
I also use these year-end rates to convert from local currency to U.S. dollars on Schedule F (Balance Sheet) of Form 5471. For example, I use the December 31, 2022 year-end rate to convert the 2023 beginning of the year balance sheet and the December 31, 2023 year-end rate to convert the 2023 end of the year balance sheet. You can access the year-end exchange rates from our exchange rates page.