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Firearms as investments

Discussion in 'Firearms Chat' started by ithrowicecubes, Jan 15, 2021.

  1. zghorner

    zghorner Sharpshooter

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    tax evasion for sure if said person stated a specific average annual income on flipping guns. IT JUST AINT WORTH IT FOLKS.

    "A Minnesota man who bought and sold guns for a profit without a Federal Firearms License was sentenced to 18 months in federal prison last week after a plea agreement.

    Eitan Benjamin Feldman, 30, of Minneapolis, was arrested in February by federal agents investigating his gun buying and reselling habits.

    During a two-year period, Feldman bought at least 41 firearms online via the auction site GunBroker.com, had them shipped to an FFL in Minnesota where he filled out Bureau of Alcohol, Tobacco, Firearms and Explosives paperwork, and then resold them on ArmsList.com for a profit. The average time between offering the gun for resale was nine days. The average profit made per gun was $90.

    Feldman was taken into custody four months after ATF agents warned him about his activities and advised the Twin Cities man that some of the firearms he had sold had been recovered at crime scenes. Despite this, investigators contend that Feldman continued selling guns without a license.

    A 10-count indictment included a charge of engaging in the business of firearms without a license and nine counts of making false statements during a firearm transaction. As each count carried a maximum penalty of five years in jail, the man was looking at up to a half-century behind bars.

    Based on the Gun Control Act of 1968, current laws require persons who are “engaged in the business” of dealing in firearms be otherwise licensed. Generally, if an individual repetitively buys and sells firearms with the goal of turning a profit, they need a license while someone making occasional sales from a personal collection does not.

    The ATF does not define how many guns one needs to sell to require a license but instead relies on a host of other factors that accompany the unlicensed sales such as advertising, selling and payment methods. For instance, presenting oneself as a licensed dealer on business cards and accepting credit cards could be a factor. However, the agency may issue a warning if these factors are present “when only one or two transactions took place.”"
     
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  2. Aries

    Aries Sharpshooter

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    So ATF warned the guy, and he continued doing it? Hard to feel very sorry for him...

    FWIW, the legal ramifications of saying in a public forum that you were flipping guns is almost nothing. You could always say you just said it, but weren't actually doing it. I suppose it could draw enough attention to spark an investigation but they'd have to prove you were doing it. It kind of sounds like if this guy had just stopped with a warning, nothing much would have happened.
     
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  3. zghorner

    zghorner Sharpshooter

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    You are probably right but the fact remains one can get jail time over flipping guns. This is obviously an extreme example compared to most people on this forum...but there are a few that probably aren’t far off from this dudes numbers.
     
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  4. Shadowrider

    Shadowrider Sharpshooter

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    A recently elected congressman from Georgia was just removed from her committee assignments for statements she made PRIOR to even being a member of congress. Bank of America complied with a FBI request for information on US citizens. FBI had no warrant. Take that as you will.
     
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  5. Duncandl

    Duncandl Sharpshooter

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    I would venture to say you have to buy right and hang on to them until the time is right on your side to sell. Duh...

    The problem is when is the right time, most of its luck and stubborn. Too proud to take less than offered and hesitant to take advantage of the market swings is just like everything else, its a gamble.

    Good luck, getting ready to list a Walther P99 and an HK P30Sk, once that time becomes right.

    Now that's marketing...
     
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  6. druryj

    druryj Administrator Staff Member

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    Exactly; like some of my vintage and almost vintage Walthers for example. But, mine are not for sale. Oh, I might let one or two go if I end up with duplicates, but not because I'm only buying them to turn them around for profit. I buy them, and look at them, gently rub them with oil, and shoot them because I like them.
     
  7. CharlieWH2O

    CharlieWH2O Sharpshooter

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    Factoring inflation it really is hard to justify firearms as an investment, overall. Use true inflation not the government number. The enjoyment of owning and using are the pluses.
     
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  8. druryj

    druryj Administrator Staff Member

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    Spot on! Pride of ownership is a large part of it...For example; when I bring out my immaculate 1968 West German Walther PPK-L in .22 LR or my equally awesome 1966 PPK-L chambered in .32ACP, people "in the know" generally "ooh and ahh." Then; if we are at the range or a suitable location to bus' some caps, I often let them shoot them. Both are a joy to handle and fire; both very fine pistols, IMO. Neither is for sale and they won't be. At least not in my lifetime.
     
  9. dennishoddy

    dennishoddy Sharpshooter

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    Yes they have. Old English, German and Belgium made double barrel shotguns are investment grade guns.
    Retirement is good. :hey3:
     
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  10. druryj

    druryj Administrator Staff Member

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    Sorry Dennis, but I must disagree; Retirement isn't just good, it's great! Every day is Saturday 'cause very night is Friday night. :friday:

    :sunbath:
     
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