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USTaxAdvising
USTaxAdvising, Accountant
Category: Capital Gains and Losses
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Experience:  Professional in capital gains and finance related questions
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What would be the tax on a raw gold bar of 27.3 # imported

Customer Question

what would be the tax on a raw gold bar of 27.3 # ***** from Africa to the USA
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  USTaxAdvising replied 1 year ago.

Hello,

It would really depend on what the cost basis is of the individual who owns the gold bar. The gain on sale would be taxed at 28% for US citizens. This is the tax rate for precious metals.

There would be no tax when importing the gold bar into the US. Furthermore if the individual was not a US citizen then I don't believe there would be any tax due at all. The US does not tax non residents on the sale of a capital asset such as precious metals or corporate securities such as common stock. Having said that if you advertised and formed a business to sell the gold bar then it would be subject to US tax.

I hope that provides the clarity you were looking for. Please let me know if you have any follow up questions and I will get back to you as soon as I can.

Best regards,

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