Thanks for asking your question! I'm sorry to hear about your tax
issue and I'm going to try my best to help you understand or resolve it.
Thank you for your question, and thanks for using JustAnswer.com. All income on the tax return must be expressed in the taxpayer's functional currency - in this case, it's US Dollars. So, what you would need to do is translate the pesos to US Dollars as of the year end, and report the USD amount on the tax return. You can CLICK HERE
to read about it on the IRS Web site. There's also links on that site to government websites that you can locate an exchange rate on. I would just translate as of the last day of the year.
Thanks for using JustAnswer.com and have a great day.
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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.