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.
** Please take a moment to rate my response as "Excellent" so that I may receive credit for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not financial or legal advice, and must not be used as such. For financial and legal advice, please contact a local professional.*
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.