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Accounting for tax on foreign currency portfolios

paulmorro · 2022-03-20 20:37:51

Hey. Sorry probably covered a hundred times but my searches failed me. I’m wondering on how people account for sales on accounts when the majority of the trades are in a foreign currency (in my case USD). I’ve been doing fairly small trades the last few months on US stocks and so have a local currency PnL and will probably…

20-03-2022 8:37pm

#1

paulmorro

Registered Users, Registered Users 2 Posts: 262 ✭✭

Join Date: September 2003

Posts: 258

Hey. Sorry probably covered a hundred times but my searches failed me.
I’m wondering on how people account for sales on accounts when the majority of the trades are in a foreign currency (in my case USD). I’ve been doing fairly small trades the last few months on US stocks and so have a local currency PnL and will probably put it all back inEuro by November so have a fair gain for the year to tax. But in terms of specifying the profits/losses, I’ve all the details in USD, do I just take a constant exchange rate for the trades and then add on a fx gain/loss when I transfer back to my account or should I be calculating gains on more live rates?

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