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Your assessment is correct
that is based on section 988
(a) General rule
Notwithstanding any other provision of this chapter—
(1) Treatment as ordinary income or loss
(A) In general
Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be).
So we need to view currency exchange transaction as
(1) On 30 May 2015 - USD converted to MYR
(2) 4 months later - MYR converted to USD
Then - you will report that gain or loss as ordinary income - report on form 8949 as short term capital loss.
If the money were in MYR and never transferred to or from USd - there is no gain r loss on currency transactions.
The gain or loss ONLY recognize when currency is converted.
However in this case - we will have interest income on Certificate of Deposit - which is calculated in USD based on currency conversion rate when interest is credited.