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Hej,

I live in Sweden since 2019. I had money in a US Bank account (earned in 2018 and 2019) that was sitting there without being invested. I've therefore decided to transfer it to SEK and start investing it.

However, the USDSEK exchange rate when I earned that money was considerably higher than January this year (when I performed the transfer of the currency), so turns out that I lost quite a lot of value with this transfer...

Can this be considered a loss? And perhaps some small tax deduction be made?

Thanks, Aky

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  • Deduction for which country's taxes?
    – DJohnM
    Commented Mar 5, 2021 at 21:19
  • Sweden. I moved to Sweden in March 2019 and became liable to pay taxes in sweden on my worldwide income. I went temporarily back to the US in the summer of 2019 and that's when part of that money was earned (therefore, I did pay taxes in Sweden on that income).
    – aky
    Commented Mar 5, 2021 at 22:39

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They are deductible, but only in the income class capital. That means the deduction can only be used if you had income in the same class, usually some form of realized capital gains.

You can read more about it on this page over at the Swedish Tax Agency.

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  • If you can't use the deduction it can at least partly be used as a tax reduction if you are paying other taxes.
    – Anders
    Commented Mar 10, 2021 at 20:33

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