If I'm using a foreign credit to pay for everyday things, do I need to record the amount of foreign currency gain every transaction or can I use the monthly average or rate when I actually pay the bill?
If I'm under the 10/15 rule and can receive foreign currency from someone who is not a resident of Japan without triggering any gift tax filings, how would that be considered for foreign currency gains when those are transacted into yen? Would that simply not trigger any foreign currency event? Or do I need to keep track of the exchange rate at the time of that transaction?
In terms of a moving average of all my yen transactions, do I need to keep that going over all the years or just the average rate per calendar year?
by Tonythetigger