I may have a rifle or two for sale.

[turkeyrun]

What is for sale?

 

[Jgibs0321]

Sell your guns. Call the sheriffs department or local PD and ask them directly if they support the ATF coming against gun owners. You will find out about where you are. I have a feeling they hate Bidens Admin like the rest of us.

 

[Firpo]

Let’s say I paid $1000.00 for a gun 3.5 years ago. Biden’s inflation has devalued that $1000.00 by 38% so selling said gun today for $1612.00 is actually a wash.

 

[retrieverman]

Let’s say I paid $1000.00 for a gun 3.5 years ago. Biden’s inflation has devalued that $1000.00 by 38% so selling said gun today for $1612.00 is actually a wash.

I kind of think you meant that as a joke, but you’re not wrong in your assessment.

 

[NationalMatch]

I kind of think you meant that as a joke, but you’re not wrong in your assessment.

He's not wrong in his "assessment", but if one paid $1,000 for an item and sells it for $1,600, one is required by law to declare the $600 profit on their tax return.

However, if one paid $1,600 for an item and sold it for $1,000, one is not entitled to a $600 deduction unless .. one is in it as a certifiable business. Ordinary Joe Q Gun Owner doesn't enjoy such a deduction.

 

[geezer77]

What if you've had a firearm for over 25 years, don't have the original receipt, so can't prove how much you paid for it, or even be certain who you bought it from?

 

[NationalMatch]

What if you've had a firearm for over 25 years, don't have the original receipt, so can't prove how much you paid for it, or even be certain who you bought it from?

I have a business degree with an accounting major, but still am not an expert.

However, it is the law that if you make a profit on the sale of a gun/car/boat/whatever, you must pay a tax on the profit. How you substantiate the amount (in your hypothetical scenario) is the question.

Guys like you and me who maybe sell one gun every ten years, I doubt the IRS would get too bent out of shape about it. But, my guess would be that they would somehow estimate what the gun sold for back then and do the math.

But they didn't cover that subject/scenario in my class on income tax accounting.

 

[THAT Gurl]

Tell her you sold it for what you bought it for and pocket the difference. Then you can buy something she doesn’t know about with money she doesn’t know about. Win win.

YOU STAY AWAY FROM GRUMPY!!!

 

[Catt57]

So how the he_ _ am I gonna sell something at the price I told my wife I bought it for?!!

Not cool man!

Do what I did, get rid of the wife...

 

[retrieverman]

He's not wrong in his "assessment", but if one paid $1,000 for an item and sells it for $1,600, one is required by law to declare the $600 profit on their tax return.

However, if one paid $1,600 for an item and sold it for $1,000, one is not entitled to a $600 deduction unless .. one is in it as a certifiable business. Ordinary Joe Q Gun Owner doesn't enjoy such a deduction.

I have a business degree with an accounting major, but still am not an expert.

However, it is the law that if you make a profit on the sale of a gun/car/boat/whatever, you must pay a tax on the profit. How you substantiate the amount (in your hypothetical scenario) is the question.

Guys like you and me who maybe sell one gun every ten years, I doubt the IRS would get too bent out of shape about it. But, my guess would be that they would somehow estimate what the gun sold for back then and do the math.

But they didn't cover that subject/scenario in my class on income tax accounting.

If you’re claiming gun purchases and sales on your taxes, you need to contact the ATF and IRS for advice and not a bunch of “gun enthusiasts” who hide chit from their wives. I’m out on this discussion.