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Exchange rates for Tax

Customer Question

I need to convert Canadian money that I earned into the US dollar in order to do my 2003 US Individual tax return. What exhange rates would I use?
Submitted: 11 years ago.
Category: Tax
Expert:  fingo replied 11 years ago.
http://www.irs.gov/businesses/small/article/0,,id=130524,00.html

You must use the exchange at the time you received your income.

This site show the annual exchange rate: http://www.federalreserve.gov/releases/g5a/current/

in 2003, the exchange rate between US and CA was 1.4008 $CA per 1$US

If you want to be even more accurate, you can use this: http://www.federalreserve.gov/releases/h10/
you can click on a week and find out the exchange rate for any day in 2003.
Customer: replied 11 years ago.
Reply to fingo's Post: I earned the income through out the whole 2003.I got paid weekly. Do I have to go week by week and see the exchage rate for that week and than convert it. That can take alot of time. Is there any quick way to do it?
Expert:  fingo replied 11 years ago.
Use the 2003 annual exchange rate of 1.4008. Next time, it will be easier if you convert to US immediatly.
Customer: replied 11 years ago.
Reply to fingo's Post: Do you think the IRS will accept that? Do you have a source?

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