There is no tax on gold coins, medals or ingots, but these items must be declared to a Customs and Border Protection (CBP) official. Anyone who needs to move their gold or convert an IRA into gold should know that flying with it isn't their only option. Sending gold can be a safe and convenient option if appropriate precautions are taken, such as using appropriate packaging and purchasing insurance. If you need to sell gold or other precious metals, working with a precious metals refinery such as Manhattan Gold & Silver can be an excellent option. Send us your batch and receive your payment via same-day bank transfer or overnight check.
You've decided to buy gold coins for your four children as holiday gifts and you'll be flying from Albuquerque to Atlanta with these precious gifts. It is also true that copies of gold coins cannot be imported unless they are properly marked by the issuing country. Second, and most importantly, you should know that the Federal Transportation Security Administration (TSA), the people who check your baggage and you before boarding a flight, has rules about flying with gold coins aboard a commercial aircraft. While there is no tax on gold bars, coins or medals, they must be reported to a Customs and Border Protection (CBP) official.
To be safe, tell the TSA that you are carrying gold coins before going through a security checkpoint. The best thing to do is to contact the TSA office at the departure airport at least 24 hours in advance to let them know that you will be transporting gold coins. Even if gold created in these restricted countries is purchased in another country, it still can't be brought to the U.S. UU.
Some people may think that gold gets the same treatment as money when it goes through customs, but slightly different rules apply when bringing items made of gold to the United States. The Customs and Border Protection Office also states that if someone brought a “foreign currency to spend” made of gold, for example, using gold coins as a legal tender from some country, that gold would be considered a form of currency and would be treated the same as cash. Customs and Border Protection: Gold that isn't considered a form of currency doesn't require a tariff tax, but the agency recommends declaring gold anyway. To avoid problems with the TSA, keep the purchase receipt or invoice for the gold coins in your hand luggage.
Even if someone bought the gold items in another country, they cannot be brought in if they were created in one of those countries. The Office of Customs and Border Protection suggests that if a person is not sure if their gold is considered currency, the safest thing to do is simply to declare gold to avoid making a false statement. The Customs and Border Protection Office also states that if someone contributes assets such as “foreign currency to spend”, for example, gold coins used as a country's legal tender, that gold is considered a form of currency and will receive the same treatment as cash.
