Thank you for allowing me to be of service to you. You do not have to pay income tax on the gold at this point. You will have to pay capital gains tax when they are sold, and the amount of tax will be computed on whatever profit is realized. You will need to have a good idea or documentation of what the gold was worth when it was received (your basis). The profit will then be the sales price (if and when you sell it) minus your basis to arrive at the amount that will be taxed. Please do not hesitate to contact me if you require further clarification or information. Please remember to rate my answer to you since this is a very important aspect of being an expert on this website.
Your are correct. Your basis for any and all sales will be the value of the gold on the date that you received it. You do have to report the sale on Schedule D of your income tax return to show the loss/profit. It has been my pleasure to assist you. Once again, please rate my answer to you.
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As a recipient of the gift - the person does not need to claim it as income. Regardless of the value. Please see for reference IRS publication 525 page 34 (left column)- http://www.irs.gov/pub/irs-pdf/p525.pdf
Gifts and inheritances. Generally, property you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you. If property is given to a trust and the income from it is paid, credited, or distributed to you, that income is also taxable to you. If the gift, bequest, or inheritance is the income from the property, that income is taxable to you.
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In additional - the large gift from non-resident aliens is reported on the form 3520 - http://www.irs.gov/pub/irs-pdf/f3520.pdf - see part IV.
There is no tax associated with this reporting. Only gifts above $100,000 are reportable.
That is assuming that all donors are nonresident aliens - in case donors are US persons - they are required to file gift tax returns.
There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer. Please keep a copy of your declaration to support the fact that gold was imported.
See for reference - https://help.cbp.gov/app/answers/detail/a_id/322/kw/gold
Please be sure you ask for clarification if needed.
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