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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123511  
Subject: Re: hard one Date: 2/3/2000 6:59 PM
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<<This is a hard one:>>

Why do people give me "set up" lines that I can't respond to in public???

<<I bought a house in Australia in 1991 for $84K.
I sold it last year for (after commission etc) $72.5K giving me a large capital lost.>>

Right...assuming that you are a US citizen, that the house was either an investment property or rental property and not a personal use property...along with a few other assumptions.

<<In reporting my tax should I convert those amounts to US dollars for the year involved?>>

Yes...both for the purchase and sale...using the appropriate conversion rates at the time of purchase and sale. Reporting Australian $ on your US tax return doesn't work.

<< ie The Australian dollar was much higher in 1991 than it is now making my capital loss even greater.>>

That's quite possible.

<<Also can anyone point me to a dollar conversion table for 1991?>>

Sorry...I don't know of one. But a quick Yahoo search will likely help you out.

<<I don't read this board much so if you can email me at
it would be much appreciated.>>

Sure...stop by...leave one question...use us and abuse us...and then just leave. I'm crushed.

TMF Taxes

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