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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2846
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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Turns out the gold is real it's being flown in as I

Customer Question

Hi turns out the gold is real it's being flown in as I speak with my future wife and two diplomatic escorts. So I need to know what form I fill out st tax time to declare it.
Submitted: 11 months ago.
Category: Tax
Expert:  Barbara replied 11 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer. A FinCEN 105 form must be completed at the time of entry for monetary instruments over $10,000. This includes currency, i.e. gold coins, valued over $10,000. The FinCEN definition of currency: The coin and paper money of the United States or any other country that is (1) designated as legal tender and that (2) circulates and (3) is customarily accepted as a medium of exchange in the country of issuance.

https://www.fincen.gov/forms/files/fin105_cmir.pdf

If the gold is a gift from your future wife (who is a non-resident alien) to you and is valued at over $100,000, you would need to complete Form 3520 to report the gift.

https://www.irs.gov/uac/About-Form-3520

There is no reporting requirement on your tax return to declare the gold.

Please let me know if I can assist you further.

Thank you and best regards,

Barb