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Old October 4, 2009, 01:40 PM   #1
21CFA
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Join Date: September 19, 2005
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Just wondering, before I start my collection:

Are "TAX" stamps deductible?? I may accumulate a half-dozen or so. Should I just become a Dealer?
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Old October 4, 2009, 04:11 PM   #2
Willie Lowman
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Well, I can't say about deducting NFA stamps but if you are looking at buying six registered machineguns, I can't see what harm getting a class III FFL would do. You can keep pre-samples when you give up your license.
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Old October 5, 2009, 12:22 AM   #3
David Hineline
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Excise tax is not deductible, becomming a dealer is like being a crack addict. Paying the money and tax for transferrables makes the best sense.
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Old October 5, 2009, 09:05 AM   #4
Willie Lowman
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Quote:
becomming a dealer is like being a crack addict.
That's funny. I am going to tell my class III dealer that. He fits the image too, with more pre-sample HKs than you can shake a stick at. He calls them his babies
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Old October 7, 2009, 10:12 AM   #5
jestertoo
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Can not become a dealer to avoid paying transfer taxes.
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Old October 9, 2009, 07:16 AM   #6
SeekHer
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I would strongly suggest contacting a Chartered Accountant about that...

As far as I know the Tax Stamp is a necessary part of your business, hence a deductible expense same a property or business taxes are especially if you sell the item...

It also depends if you are a business dealing in "outdoor" stuff or just a private collector then if the first you may and the second you can't...

I can't remember how Capital Gains works in the USA but if you sell the firearm the "tax stamp" is then a loss and it would reduce the amount you would have to pay...

I started a small company dealing in outdoor equipment--clothing, knives, flashlights, optics, fishing rods & reels, fishing tackle etc. just so I could buy stuff at wholesale pricing...Took out the necessary government licenses, I file an income statement every year and I show enough sales to be a legal business but declare a loss every year what with taxes, shipping, duties, excise tax, exchange etc...
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Old October 12, 2009, 06:03 PM   #7
nolmsted
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I wish I would have thought of that before I bought my guns. It would me nice to be able to deduct the tax
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