How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 6848
Experience:  30+ yrs. representing small business, real estate, probate
18215332
Type Your Business Law Question Here...
Irwin Law is online now
A new question is answered every 9 seconds

I have an opportunity to put a seller and a buyer together

Customer Question

Hello, I have an opportunity to put a seller and a buyer together to purchase gold bars....I would get a commission from the sale. The bars come from South Africa. I guess you could say I would be the agent or broker....do I need a special license for that or can I just report my proceeds to the IRS to comply with reporting requirements?
JA: OK. The Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: No not yet
JA: Please tell me everything you can about this issue so the Lawyer can help you best. Is there anything else the Lawyer should be aware of?
Customer: Only that it is a high volume sale and the gold bars will be en route soon. My plan is to have the buyer wire funds to the sellers overseas account and then I would get my commission wired into my account.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer where you can place your fully refundable $5 deposit (plus $13 after the Lawyer responds). While you're filling out that form, I'll tell the Lawyer about your situation and connect you two.
Submitted: 9 months ago.
Category: Business Law
Expert:  Irwin Law replied 9 months ago.

The only regulations regarding importation of gold bullionHave to do with reporting the amount to the IRS . Here is a discussion of the regulations. These of course apply to the US fire/importer, but not to you as a broker or agent.

https://help.cbp.gov/app/answers/detail/a_id/322/~/importing-gold-coins,-medals,-and-bullion

I hope that this is helpful information and that you will assign a positive rating For this answer.

Related Business Law Questions