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October 4, 2009, 01:40 PM | #1 |
Junior member
Join Date: September 19, 2005
Posts: 146
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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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October 4, 2009, 04:11 PM | #2 |
Senior Member
Join Date: March 5, 2009
Location: Uh-Hi-O
Posts: 3,006
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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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October 5, 2009, 12:22 AM | #3 |
Senior Member
Join Date: December 23, 1999
Location: South Sioux City, Nebraska
Posts: 704
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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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October 5, 2009, 09:05 AM | #4 | |
Senior Member
Join Date: March 5, 2009
Location: Uh-Hi-O
Posts: 3,006
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Quote:
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"9mm has a very long history of being a pointy little bullet moving quickly" --Sevens |
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October 7, 2009, 10:12 AM | #5 |
Member
Join Date: January 30, 2009
Posts: 19
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Can not become a dealer to avoid paying transfer taxes.
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October 9, 2009, 07:16 AM | #6 |
Senior Member
Join Date: August 4, 2005
Location: Winnipeg, Manitoba, Canada
Posts: 295
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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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October 12, 2009, 06:03 PM | #7 |
Member
Join Date: June 29, 2004
Location: Northeast Ohio
Posts: 25
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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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