Exchange Rates:

Average Rates By Year 2020 to 2024 (irs.gov) (Click here)

I use average rates on Form 5471 for:

• Schedule C (Income Statement),
• Schedule H (Current Earnings and Profits), and
• Schedule M (Related Party Transactions)

Year-End Rates (Treasury Department) (Below)

I use year-end rates for:

• Form 5471, Schedule F (Balance Sheet) (different rates for the beginning of the year and the end of the year),
• Form 8938 (Foreign Financial Assets), and
• FBAR (Foreign Financial Accounts)