I have a client who sold property in Belgium in 2011 and netted about $800,000 U.S.D. So, currency exchange rates may have a significant impact on the capital gain transaction.
Various dates of interest:
• Date of sale (in Belgium)
• Date of wire transfer of funds to the U.S. (there might actually be two dates here, a booking date and a payment date?)
• Dates of various expenses of the sale (initially paid by a third party in Belgium)
• Date of wire transfer of funds to Belgium to pay for expenses of the sale (i.e., reimburse the third party)
Questions:
• What date do I use to calculate the sales price?
• What date do I use to calculate the expenses of the sale?
• What do I do, if anything, with any resulting currency translation gains or losses?
If anyone can tell me where to find the answers to my questions, I would really appreciate it!
Various dates of interest:
• Date of sale (in Belgium)
• Date of wire transfer of funds to the U.S. (there might actually be two dates here, a booking date and a payment date?)
• Dates of various expenses of the sale (initially paid by a third party in Belgium)
• Date of wire transfer of funds to Belgium to pay for expenses of the sale (i.e., reimburse the third party)
Questions:
• What date do I use to calculate the sales price?
• What date do I use to calculate the expenses of the sale?
• What do I do, if anything, with any resulting currency translation gains or losses?
If anyone can tell me where to find the answers to my questions, I would really appreciate it!