? for the PM experts

[Rich Hartford]

Lets say I return from an overseas trip with 20 Krugerrands in my pocket. Does that have to be declared? Can it be taxed?

 

[obediah]

Lets say I return from an overseas trip with 20 Krugerrands in my pocket. Does that have to be declared? Can it be taxed?

Saw that question B4 on KITCO Forum and believe there is a limit of 10K dollars worth; one guy said he had several gold coins in his pocket change & was allowed to walk in with them at airport. You can call Customs and ask them too to be certain from the Horsies mouth.

 

[wharghoul]

Agree with Obediah, Kitco Forum is a great place to lurk to learn about such things.

 

[jim4silver]

Agree with Obediah, Kitco Forum is a great place to lurk to learn about such things.

Anyone who utilizes blogs for legal and/or tax advice is taking a great risk. Anyone can post any idea, no way to know if it is correct or not.

Jim

 

[Rich Hartford]

I'm not planning on going anywhere. Just curious

 

[Darth Walker]

Yes, you have to declare the Kurr because is more then $10,000 and it is South Africa Legal tender

You will not be taxed UNTIL you sell them

DW

 

[jim4silver]

Yes, you have to declare the Kurr because is more then $10,000 and it is South Africa Legal tender

You will not be taxed UNTIL you sell them

DW

Actually Krugs do not have any denomination on them and they are strictly bullion. I do not believe they are legal tender.

As far as declaring them, I have no idea.


Jim

 

[Darth Walker]

They do not have any face value like the American Eagles but still South Africa Legal Tender.

and a very liquid asset that bad guys can easily use for money laundry


DW

 

[Ju8vP3t]

How much does each of them weigh?

Taken from CBP site:

"Individuals are permitted to carry any amount of currency or monetary instruments into or out of the U. S. However, if the quantity is $10,000 or higher, they must formally report the currency to CBP. Failure to declare may result in seizure of the currency and/or arrest. An individual may petition for the return of currency seized by CBP officers, but the petitioner must prove that the source and intended use of the currency was legitimate. "

 

[65gt350]

Declared yes, taxes / duty no.

HH,
65GT350

 

[wharghoul]

Agree with Obediah, Kitco Forum is a great place to lurk to learn about such things.

Anyone who utilizes blogs for legal and/or tax advice is taking a great risk. Anyone can post any idea, no way to know if it is correct or not.

Jim

Jim,

I agree completely. I should have been more specific with my post. I believe forums, just like this one and kitco offer a great starting points when looking for answers. Usually, the hardest part of research is finding a starting point or key word/phrase that leads to information we are seeking. Suggestions or 'leads' are offered in forums and then you go to the source to confirm.

Just like with Wikipedia, I don't take it as fact, but it's a great resource for pointing someone in the right direction.