Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I own gold in Ghana, bring it to the United States

Customer Question
I own gold in Ghana, bring it to the United States
Submitted: 2 years ago.Category: Tax
Ask Your Own Tax Question
Answered in 1 minute by:
9/22/2015
Tax Professional: Zoey_JD,
 replied 2 years ago
Zoey_JD
Category: Tax
Satisfied Customers: 28,730
Verified

Hello,

How did you acquire the gold. Was this the inheritance of an Internet romance?

Ask Your Own Tax Question
Customer reply replied 2 years ago
Gold was acquired through a long time friendship he has been transferred into my name by the High Court we paid the fees to have it transferred into my name
Tax Professional: Zoey_JD,
 replied 2 years ago

We get questions like this one several times every day. The gold is never legitimate. The high court documents are forgeries. All of this is just a way to get money from you.

It is possible that you are the exception and not the rule, but if your long-term friend is someone you have only met on the Internet and who is supposedly in love with you, this is the typical fraud pattern

I would be happy to look over any documents you have from the High Court to see if your matter is legitimate. Please upload them and I will take a look at them. If you have the name of the barrister that you are working with on this matter let me know what that name is.

Ask Your Own Tax Question
Customer reply replied 2 years ago
The gold has already been tendered to a carrier of Chrom Cargo Company with a tracking number they say my sender needs an export license
Customer reply replied 2 years ago
Bill of Lading
Customer reply replied 2 years ago
Poa
Customer reply replied 2 years ago
I uploaded two documents
Tax Professional: Zoey_JD,
 replied 2 years ago

I am very sorry for the delay. I've had a household emergency and I had to step away from the computer.

There is only one way to export gold from Ghana, and that is through the PMMC. The PMMC stands for the Precious Minerals Marketing Corporation. It is not a company, however. It is a government agency that controls the exporting of gold. Any other way to get gold out of Ghana is unlawful. So right away, if you're telling me that a private citizen has shipped this to you through a standard carrier, you're telling me it's likely that you're being scammed.

Let me tell you the typical Ghanaian gold export scam. If it hits a nerve, since you told me nothing about how you came by this gold, you will recognize your situation and should know I'm right.

The scam usually works like this:

You meeat a woman from Ghana on a dating or social networking site and she falls in love at warp speed. She claims to be an heiress who has an inheritance just waiting for her in a Ghanaian security/shipping center. She usually will tell you that the terms of her father's will are such that she can only collect it if she's going to be married to a good man. So, tag, you are "it."

As her "good man," your job is to help her clear her inheritance. She may even claim to have transferred the gold into your name and will send you (phony) documents to that effect. As her so-called fiance, you get to pay so called barristers and bankers thousands of dollars to clear her inheritance so that you can collect it and live happily and wealthily with her ever after. It doesn't exist, however, so it never comes. And neither does she.

Below are the other typical signs of a Ghana romance fraud:

- the scammer reaches out to you on a dating or social networking website and she falls in love with you at first sight.- She moves in on you and rushes the relationship towards some kind of a commitment. She pulls you off the site where you met and tells you that she wants an exclusive relationship with you via webcam, skype, Yahoo messenger, etc. She flirts with you, seduces you and teases you sexually, especially when she is talking about gifts and money.

- And as soon as she knows that she's got you all really hot and interested, she starts asking for things or money. She wants to see you but she will need plane tickets and/or a visa, and a Declaration fee or a Basic Travel Allowance. (no such thing) But then after you've paid all that, she'll have an emergency that keeps her from getting on that plane -- a car accident on the way to the airport. A legal problem with an inheritance from her late father or mother or with her job. A mugging and a trip to the hospital. A dying mother/father/sister/brother/self who can't pay hospital bills. An arrest at the airport or a problem with Customs for trying to get her goods out .

These are just some of the most popular excuses. There are many others. No matter what the phony excuse, however, she will say that you're her only hope to solve her problems. And all of her problems will cost you money. A lot of it. Despite that, she will never get an inch closer to boarding that plane.

- She will want the money wired via Western Union or MoneyGram, which has no protection for the sender. It's like throwing your money away.Once she starts asking for gifts or money, You can bet that she's not who and what you think she is. She's a group of thieves, almost always men, sitting at an internet cafe somewhere overseas, working together to rob too trusting, good hearted men and women such as yourself of all of their money.

If you send her money, she'll just come up with another emergency to ask you for more. And another. And another until you catch wise or go broke, whichever happens first.

As to the documents, the first is just a bill of lading template on which everything else is just filled in. I am unable to find any proof of an actual company named Chrom Cargo Company in Ghana that wasn't put on the web by the company itself. It does not show up on any list of licensed or authorized freight forwarding companies in Ghana. Here's a comprehensive list.

The power of attorney is a forgery. First of all, it is in the wrong format for an actual High Court Document. Secondly, there are grammatical errors that would never be present in any legitimate legal document. And finally, it is signed by a so-called barrister who does not really exist.

All people who legitimately practice law must be licensed to do so by the local appropriate licensing authority. Without a license they are not lawyers and are committing fraud by holding themselves out as one.

Legal licensing authorities all over the world make it easy for someone to verify the credentials of an attorney so that you don't get defrauded. Ghana is no exception. The Ghana Bar Association publishes a list of all of the licensed lawyers in good professional standing who are able to practice in Ghana and you can download that list directly from their website. If a legal professional is not on the list, then he cannot lawfully practice in Ghana and he is a fraud. You can download the current list of members in good standing from the Ghana Bar's website. I have already checked it and can assure you that there is nobody named Kwaku Adu who is legitimately practicing law in Ghana.

http://www.ghanabar.org/members-in-good-standing-2/

That says it all.

So what should you do? For one thing, you should not pay the "lawyer" or anyone else concerned with this "inheritance" one more dime. You should cease all contact with these people. You're never going to see any gold. You're never going to meet any girl. And if you haven't lost thousands of dollars already to this fraud, you're heading to do so.

Cease all contact with all of these folks. You are being lied to.

Report the fraud to the FBI at IC3.gov and to your police, because if you've wired money, the only way you're going to get your money back is if law enforcement can find the team of folks behind this fraud and bring them to justice.

I am very, very sorry to be the bearer of bad news.

Ask Your Own Tax Question
Customer reply replied 2 years ago
It turns out the gold is real was wondering what kind kind of tax as far as Ad valorem tax I'll have to pay when it arrives? There is 15kilo.
Tax Professional: Zoey_JD,
 replied 2 years ago

How did you verify that the gold is real, because the lawyer certainly wasn't?

Ask Your Own Tax Question
Customer reply replied 2 years ago
It was verified by a friend of mine in charge of all port of Tema activity concerning the movement of all inbound and outbound containers
Tax Professional: Zoey_JD,
 replied 2 years ago

Nope. Sorry. I still don't buy this. I'm quite sure you'll never see a package and you'll spend thousands and thousands of dollars trying to.

However, I will take you at your word, because if you didn't believe me once I showed you that the documents are forgeries and that the so called barrister is a fraud, you're never going to believe me and will just have to unfortunately find this out the hard way.

Your question has become a tax question and now would need to be answered by an accountant. I will opt out and have it moved to our tax category where someone there can tell you if, how and when this would be taxable to you.

I hope you do receive this shipment, and if so and you happen to think about it, let me know that it has worked out. It would be nice to see facts like these have a happy ending, as we haven't seen that yet.

Ask Your Own Tax Question
Tax Professional: Arthur Rubin, Tax Preparer replied 2 years ago
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
Verified

I agree with Zoey; the gold isn't real. Your "costs" might be deductible as personal theft loss, if the IRS (or a Court, later) decides that your belief in the scam was reasonable. That would be deductible as an itemized deduction, but reduced by at least 10% of your AGI (Adjusted Gross Income).

If it were real, and it were a gift, the costs of securing the asset might add to the basis as "costs of acquisition" of an asset acquired for the purpose of later resale for gain. If the asset were to be used for production of income, the costs could be currently deductible in some cases, but I don't see how you could get income from gold.

Ask Your Own Tax Question
Tax Professional: Arthur Rubin, Tax Preparer replied 2 years ago

There might be a customs fee paid to either US customs or Ghana customs, but those should not be paid through an intermediary, as, even if the gold is real, you don't know that the intermediary is an agent of the principal. Under FATCA, you would have to declare the gold to another agency of the US Treasury as a "foreign asset", even if you have ownership or control if it.

Ask Your Own Tax Question
Ask Arthur Rubin Your Own Question
Arthur Rubin
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
1,561 Satisfied Customers
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.

Arthur Rubin is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
My question is: Is the foreign tax credit 100% Offset to the
Hi, my question is: Is the foreign tax credit 100% Offset to the Alternative Minimum Tax, if there are only foreign income? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is it legal for a government agency (other than the IRS) to
Is it legal for a government agency (other than the IRS) to charge a percentage of a tax-exempt corporation's income and call it a fee instead of an income tax?… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
I have a question regarding the state and local tax
I have a question regarding the state and local tax limitation passed by congress limiting the deduction to $10000. Is this final or is it still being ironed out by the powers that be? My clients are … read more
Carter McBride
Carter McBride
LLM
252 satisfied customers
Can a parent with state, local & property taxes in excess of
Can a parent with state, local & property taxes in excess of 20k transfer his primary residence to his son for 1.00 in 2018 so the son can then itemize & benefit from the 8,600 of annual property taxe… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
Under the new tax plan if my federal adjusted gross income
Under the new tax plan if my federal adjusted gross income is $77,230.00 how much are my federal taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
The 2018 tax law will allow homeowners to deduct property
The 2018 tax law will allow homeowners to deduct property taxes and either income or sales taxes with a combined limit on these deductions being limited to no more than $10,000. What does this mean? w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
On line 37 my 2015 Form 1040 I had an adjusted gross income
On line 37 my 2015 Form 1040 I had an adjusted gross income of $291,546. on my Amended 1040X for 2015 I have taxable income of $179,542. How do I get proof of this to get an adjusted MAGI to give to M… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
This is an income tax question. I am thinking of Deducting
This is an income tax question. I am thinking of Deducting next years giving to church this year with pending changes to tax law. As I recall, higher income levels reduce schedule allowable deductions… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is inheritance income from Germany subject to US taxes?
Is inheritance income from Germany subject to US taxes? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
How much tax deduction is allowed for 24/7 in home health
How much tax deduction is allowed for 24/7 in home health care … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
Dose mean can not deduct state income taxes only or dose it
dose mean can not deduct state income taxes only or dose it includes property taxes too … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I worked for Local Government Fayetteville NC and worked
I worked for Local Government Fayetteville NC and worked 23+years and am vested. My husband and I had a business and had a CPA doing our bookkeeping. When we sold business to son our daughter started … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
64 satisfied customers
I am receiving some income from a foreign government "social
I am receiving some income from a foreign government "social security-type" benefit program. Where should I report this income in my Tax Return? Should I report it as "Other Foreign Financial Assets"?… read more
abci168
abci168
Principal
27 satisfied customers
I (US person) own 50% in a foreign partnership (real estate
I (US person) own 50% in a foreign partnership (real estate partnership under civil law (GbR) in Germany), the other 50% are held by a none US person. - I have rental income from the foreign partnersh… read more
taxmanrog
taxmanrog
Master\u0027s Degree
776 satisfied customers
Does a foreign government type "social security" benefit
Does a foreign government type "social security" benefit plan need to be reported on an FBAR as a Foreign Financial Account?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
Since my adjusted gross income is over $100,000, I can't
Since my adjusted gross income is over $100,000, I can't take the rental loss that I have even though I was actively maintaining the property. Since I have a mortgage and property taxes on that rental… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Dependent Children. 1. Taxpayer's adjusted gross income is
Dependent Children.1. Taxpayer's adjusted gross income is over $ 800K so personal exemptions are phased out. 2. Taxpayer's children are between ages 12 - 17. 3. All three children have earned income o… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x