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US Import Tax

When an item is sent to the United States from another country, the incoming items are known as imports. Several items that are imports have import taxes placed upon them. Some items even have import taxes that are up to 150% of the items value to help keep the item being imported or keep the number of items being imported into the United States. Below are questions regarding US import taxes that have been answered by the Experts.

How are import tax prices based?

Import taxes are not necessarily based upon the value of the product that is being imported in to the United States. The way that import taxes are determined is based on the balance of trade and treaty. There are some items that are taxed up to 150% of the items value as a deterrent to the importation of these items. Other items may receive favorite nation status, which makes them import tax free.

What is the US import tax on gold?

There is a US import tax of 10% on gold along with silver, and base metals that have not worked past the point of being semi-manufactured, and fall under the classification of HS heading 7111. If the person importing the gold, be it in bullion or gold coin, is a resident of United States then there is no import tax. It is important to note that if the value of the gold imported is in excess of $10,000 then the individual that is importing the gold will be required to file a FinCen form 105.

If an individual brings a diamond ring from another country is there a US import tax on it?

If the ring is in fact a diamond ring then, then where the diamond is from plays a part. As long as the diamond is not from Ukraine or Sera Leon it can be taken into the United States with the first $800 of the value being exempt of tax. It should also be noted that any purchase made outside of the United States that are made for personal use or gifts, the tax exemptions is the first $800. There would also need to be a certificate of origin or a document of similar nature to show where the diamond came from, if the diamond had originated in Ukraine then the import tax would be 100% of the value of the diamond. If beyond the $800 exempt the ring would have a 3% tax on its value, the value and tax are assessed by the custom officials.

If an individual that lives in another country sends a United States citizen a gift, does the person receiving the gift have to pay import taxes?

If an individual sends another individual a gift from another country to the United States there are conditions under which there will be no import tax. These conditions are that item must be a gift, for personal use, and valued at under $100. If the gift’s value exceeds $100 then the individual who is receiving it may have to pay import tax on the item, along with a handling fee. The individual who is sending the gift is able to prepay the import tax if they are able to send the gift via the United States Postal Service overseas. This is the only way for the sender to pay the import tax since import tax is determined upon import; the import tax is usually around 18%.

When an individual has received a gift from out of the United States there is often questions that arise as to what the tax import will be, or how to pay import tax. These questions can be clarified and answered by the Experts.
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