How to import my inheritance of 20 oz of gold bullion from UK to USA

I have an inheritance of 20 oz of gold bullion that i wish to remove from the UK and bring to USA. How much will this cost me and how do i go about it?

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Hmmn. They could wrap in in bubble wrap, put it in a Fedex box, and ship it to you, but the Fedex insurance limit is $1000 and 20 oz of gold is currently worth about $25,000
Or you could fly over and pick it up. 20oz of gold will easily fit in a briefcase or backpack. Be sure to declare it when you return. I am fairly sure that there is no US duty on gold bullion.
One issue with that is that I gather that gold bullion usually stays in secure vaults, and lacking a suitable chain of custody, you'd have to have it assayed before you could sell it, or else take the lousy price that the "we buy gold" types offer.
Very few people take physical possession of gold bullion, preferring to leave it safe in the vault. Unless you want to put it on your coffee table as a shiny and rather expensive conversation piece, just sell it in the UK or if you want to hold gold, see about swapping it for the equivalent number of shares in a gold ETF.
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responding to http://www.beansmart.com/taxes/how-to-import-my-inheritance-of-20-oz-of-gold-bullion-from-u-39475-.htm , kevin wrote:
johnl wrote:

To be straight forward and honest the total amount is 60 kg 97.5% alluvial gold bullion 24 carat. Its my wifes inheritance and she owes money to the bank for holding it. We worked out something where we can pay to retrieve one case of 20 oz, and sell it to retrieve the remaining billion. I am afraid to go through the airport as well as pay a tariff once in the USA. My wife and I are looking for a lawyer to represent us on our affairs and help retrieve the inheritance for which we will pay for their services. Do you know of any firms that specialize in this type of international law ?
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Yes, but they're all bankers or princes in Nigeria.
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ArtKamlet at a o l dot c o m Columbus OH K2PZH

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On Monday, June 17, 2013 11:20:23 AM UTC-6, kevin wrote:

"There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer." see
https://help.cbp.gov/app/answers/detail/a_id/322/~/importing-gold-coins,-medals,-and-bullion
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24 carat and 97.5% are contradictory.

Did she inherit it from somebody she knew in real life, or did she learn about it only after the bequestor died?

Is it a real bank that's registered with the UK government? Will you meet an officer at a branch of that bank to make the payment?
Seth
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Wow! Good point, Seth. It didn't occur to me, but now that you point it out, it does sound like an inheritance scam - especially having to pay to receive the inheritance. If it were a real inheritance, bank fees would be paid by the estate before distributing the assets to the heirs.
Bob Sandler
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On Sunday, June 16, 2013 10:07:00 PM UTC-4, kevin wrote:

It will cost you nothing in taxes. As for how you go about it, if no one here knows you might try searching on something like "shipping precious metals."
Phil Marti VITA/TCE Volunteer Clarksburg, MD
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kevin wrote:

I might be wrong, but it might have been necessary to file form 3520 to report the inheritance of that gold. Unless the person filed a form 1041. Also, only foreign gifts in excess of about 100k need a form 3520, and your gold might be less than this amount, but with the other stuff in the estate the 100k threshold might be met.
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