Just wondering, before I start my collection:

21CFA · October 4, 2009, 01:40 PM

Are "TAX" stamps deductible?? I may accumulate a half-dozen or so. Should I just become a Dealer?

Willie Lowman · October 4, 2009, 04:11 PM

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.

David Hineline · October 5, 2009, 12:22 AM

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.

Willie Lowman · October 5, 2009, 09:05 AM

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

jestertoo · October 7, 2009, 10:12 AM

Can not become a dealer to avoid paying transfer taxes.

SeekHer · October 9, 2009, 07:16 AM

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...

nolmsted · October 12, 2009, 06:03 PM

I wish I would have thought of that before I bought my guns. It would me nice to be able to deduct the tax

October 4, 2009, 01:40 PM	#1
21CFA Junior member Join Date: September 19, 2005 Posts: 146	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?

October 4, 2009, 04:11 PM	#2
Willie Lowman Senior Member Join Date: March 5, 2009 Location: Uh-Hi-O Posts: 3,006	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. __________________ "9mm has a very long history of being a pointy little bullet moving quickly" --Sevens

October 9, 2009, 07:16 AM	#6
SeekHer Senior Member Join Date: August 4, 2005 Location: Winnipeg, Manitoba, Canada Posts: 295	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... __________________ There is a certain type of mentality that thinks if you make certain inanimate objects illegal their criminal misuse will disappear! When the human race dies out, it will be because it was brainwashed to be so totally, completely, utterly safe that it no longer dared to keep on living

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October 5, 2009, 12:22 AM	#3
David Hineline Senior Member Join Date: December 23, 1999 Location: South Sioux City, Nebraska Posts: 704	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.

October 7, 2009, 10:12 AM	#5
jestertoo Member Join Date: January 30, 2009 Posts: 19	Can not become a dealer to avoid paying transfer taxes.

October 12, 2009, 06:03 PM	#7
nolmsted Member Join Date: June 29, 2004 Location: Northeast Ohio Posts: 25	I wish I would have thought of that before I bought my guns. It would me nice to be able to deduct the tax