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IRS restructuring & reform act of 1998 protects taxpayers
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At TFX we've been doing taxes for U.S. expats for over 25 years
Expat taxes are complicated. Seriously.
Every precaution recommended by the IRS. And then some
Clear, transparent process. Thorough & well-thought-out
IRS Restructuring & reform act of 1998 protects taxpayers
Trusted by tens of thousands of clients worldwide
Which should you hire and why?
Join a leading expat tax firm trusted by clients around the world
Join a leading expat tax firm trusted by clients around the world
Many imitators, only one TFX. Ask the tough questions
Specific use cases & scenario analysis
Top notch customer service is core to TFX
We are the best at what we do and we're here to help you
Start your tax prep in minutes – simple and hassle-free
IRS amnesty program for expats with overdue returns
For non-US citizens or Green Card holders with US income
Selling stocks? Changing jobs? Plan your taxes early
Get 6 extra months to file – quick, easy, and penalty-free
Historical FX rates refer to past foreign exchange rates used to convert one currency into another at a specific point in time. These rates are essential for accurately reporting foreign income, calculating capital gains, or converting overseas transactions into US dollars.
The Internal Revenue Service (IRS) does not provide an official exchange rate. However, it accepts any publicly available FX rate, as long as it is applied consistently.
When converting foreign currency, the appropriate exchange rate depends on the specific circumstances of the transaction:
The table below provides yearly average currency exchange rates for previous years. It was last updated on April 2, 2025, to reflect typical cash exchange rates for the listed countries and years. For additional guidance, refer to this page: IRS yearly exchange rate.
To convert:
Country | Currency | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|---|
Afghanistan | Afghani | 70.649 | 82.635 | 90.084 | 83.484 | 76.651 |
Algeria | Dinar | 134.124 | 135.933 | 142.123 | 135.011 | 126.741 |
Argentina | Peso | 915.161 | 296.154 | 130.792 | 95.098 | 70.635 |
Australia | Dollar | 1.516 | 1.506 | 1.442 | 1.332 | 1.452 |
Bahrain | Dinar | 0.377 | 0.377 | 0.377 | 0.377 | 0.377 |
Brazil | Real | 5.392 | 4.994 | 5.165 | 5.395 | 5.151 |
Canada | Dollar | 1.370 | 1.350 | 1.301 | 1.254 | 1.341 |
Cayman Islands | Dollar | 0.833 | 0.833 | 0.833 | 0.833 | 0.833 |
China | Yuan | 7.189 | 7.075 | 6.730 | 6.452 | 6.900 |
Denmark | Krone | 6.896 | 6.890 | 7.077 | 6.290 | 6.538 |
Egypt | Pound | 45.345 | 30.651 | 19.208 | 15.697 | 15.813 |
Euro Zone | Euro | 0.924 | 0.924 | 0.951 | 0.846 | 0.877 |
Hong Kong | Dollar | 7.803 | 7.829 | 7.831 | 7.773 | 7.756 |
Hungary | Forint | 365.603 | 353.020 | 372.775 | 303.292 | 307.766 |
Iceland | Krona | 137.958 | 137.857 | 135.296 | 126.986 | 135.354 |
India | Rupee | 83.677 | 82.572 | 78.598 | 73.936 | 74.102 |
Iraq | Dinar | 1309.744 | 1376.529 | 1459.51 | 1460.133 | 1197.497 |
Israel | New Shekel | 3.701 | 3.687 | 3.361 | 3.232 | 3.438 |
Japan | Yen | 151.353 | 140.511 | 131.454 | 109.817 | 106.725 |
Lebanon | Pound | 78958.611 | 13730.988 | 1515.669 | 1519.228 | 1510.677 |
Mexico | Peso | 18.330 | 17.733 | 20.110 | 20.284 | 21.466 |
Morocco | Dirham | 9.937 | 10.134 | 10.275 | 8.995 | 9.495 |
New Zealand | Dollar | 1.654 | 1.630 | 1.578 | 1.415 | 1.540 |
Norway | Kroner | 10.756 | 10.564 | 9.619 | 8.598 | 9.413 |
Qatar | Rial | 3.643 | 3.643 | 3.644 | 3.644 | 3.641 |
Russia | Ruble | 92.837 | 85.509 | 69.896 | 73.686 | 72.299 |
Saudi Arabia | Riyal | 3.752 | 3.752 | 3.755 | 3.751 | 3.753 |
Singapore | Dollar | 1.336 | 1.343 | 1.379 | 1.344 | 1.379 |
South Africa | Rand | 18.326 | 18.457 | 16.377 | 14.789 | 16.458 |
South Korea | Won | 1364.153 | 1306.686 | 1291.729 | 1144.883 | 1179.199 |
Sweden | Krona | 10.577 | 10.613 | 10.122 | 8.584 | 9.205 |
Switzerland | Franc | 0.881 | 0.899 | 0.955 | 0.914 | 0.939 |
Taiwan | Dollar | 32.117 | 31.160 | 29.813 | 27.932 | 29.461 |
Thailand | Baht | 35.267 | 34.802 | 35.044 | 31.997 | 31.271 |
Tunisia | Dinar | 3.111 | 3.103 | 3.082 | 2.778 | 2.836 |
Turkey | New Lira | 32.867 | 23.824 | 16.572 | 8.904 | 7.025 |
United Arab Emirates | Dirham | 3.673 | 3.673 | 3.673 | 3.673 | 3.673 |
United Kingdom | Pound | 0.783 | 0.804 | 0.811 | 0.727 | 0.779 |
Venezuela | Bolivar (Fuerte) | 3833558362078.0 | 2863377461538.5 | 666470505836.6 | 232298866894.8 | 236266.507 |