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The Range
Firearms Chat
I may have a rifle or two for sale.
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<blockquote data-quote="NationalMatch" data-source="post: 4283842" data-attributes="member: 48586"><p>I have a business degree with an accounting major, but still am not an expert. </p><p></p><p>However, it is the law that <em><strong>if </strong></em>you make a profit on the sale of a gun/car/boat/whatever, you must pay a tax on the profit. <em><strong>How</strong></em> you substantiate the amount (in your hypothetical scenario) is the question. </p><p></p><p>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. </p><p></p><p>But they didn't cover that subject/scenario in my class on income tax accounting.</p></blockquote><p></p>
[QUOTE="NationalMatch, post: 4283842, member: 48586"] I have a business degree with an accounting major, but still am not an expert. However, it is the law that [I][B]if [/B][/I]you make a profit on the sale of a gun/car/boat/whatever, you must pay a tax on the profit. [I][B]How[/B][/I] 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. [/QUOTE]
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