I may have a rifle or two for sale.

[StLPro2A]

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?

RELAX...NOT TO WORRY....the ATF promises to know a dealer when they see one, and equally promise to Little Rock...er, my bad.....execute same at their pleasure. Trust 'em, they got your head.....

 

[NationalMatch]

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.

Nonsense. It's Schedule 1 of the 1040 form: Additional Income and Adjustments to Income. https://www.irs.gov/pub/irs-pdf/f1040s1.pdf

Line 8 is the pertinent info: "Other Income." From the IRS website: "Other income is the total of all income you receive during the year that is not wage-related."

When you sell a personal item such as a gun, if you make a profit, you have to a) declare the profit and b) pay tax on the profit.

The hinky part comes in if, in certain circumstances, say, you sell via Gunbroker and they issue you a 1099K. It's never happened to me but I asked my accountant about it. He said to bring in the 1099 and the receipt for the gun and only pay tax on the profit.

But if a seller hasn't saved the receipt, he's likely going to have to pay the entire sales price.

 

[Lucky]

Did anyone ever here what he may want to part with, as far as rifle.

 

[DRC458]

 

[turkeyrun]

It will all be a moot point, once the Fed implementation of e-currency. Every transaction will be tracked and automatically taxed.

 

[Oklahomabassin]

I will give you half of a cheeseburger for it so you can show it as a loss on your taxes.

SMFH

 

[Lucky]

Could be a tease!

 

[g54b16psi]

Can't profit from it. So if you sell it for what you paid for it or less, no laws broken. Personally, all my stuff is used, so who would know what I paid for it, unless they tracked down whoever sold it to me, and I couldnt tell you who any of those people are. Cant tell you what I had for lunch two days ago.

The 'rule' as it stands even gets you into potential trouble if you INTENDED to make a profit, but didn't actually do so. However tf they can prove that. Good luck with that.

 

[bigfug]

The 'rule' as it stands even gets you into potential trouble if you INTENDED to make a profit, but didn't actually do so. However tf they can prove that. Good luck with that.

I don't intend to make a profit on anything so that I can stay compliant. Falling in line like a good little komrade. My servitude knows no bounds. And now my intent is documented for posterity.