THE PILGRIM
Member
I'm waiting for his Luger.
Teddy supposedly carried it up San Juan Hill.
Teddy supposedly carried it up San Juan Hill.
Teddy Roosevelt's No. 3 Sold for...
- Thread starter outta_ammo
- Start date
I should ask, after crunching numbers this evening whilst working on my Federal tax obligation for last year…
Simply, is it worth it to dispose of a high dollar firearm during one's lifetime?
Most, if not all of us, on this forum are middle class. Probably the higher end of middle class, which gives us extra funds to purchase the occasional higher end Smith & Wesson revolver. IF one of us on this forum has a high end Smith & Wesson to sell, like Jim Supica, the owner of this revolver did, chances are he used his knowledge base to acquire this revolver well under actual value. Which is fine, it certainly PAYS to be smart! But, that means one has a low basis, meaning the capital gains on this revolver are astronomical, in all probability. Yes, there's a fair amount of profit involved, but at what point does one say one would rather "profit" from the joy of ownership rather than profit, marginally, after dishing out a lot to the IRS?
I get it about the U S being the land of the free, and it's certainly better here than most or all other options, but I shake my head at the staggering tax obligation of the "a little more heeled" middle class individual.
I mention this because I unloaded a rental property last year and am facing the tax consequences right now. The property needed to go, that's not even debatable. And I could have done a Starker 1031 Exchange, but everything else seemed too overpriced to buy right now and, also, one is limited to twice the sale price of a property for another purchase, and the location of this property is such that buying something good—within walking distance to the beach—was not within the realm of possibility as such properties were well in excess of twice what I sold this property for.
Which means I didn't make all that much on this property to begin with, and I'm still staggering from the tax bite! I can't imagine how Jim Supica must feel! Hint: What the new owner spent on this revolver could have purchased my rental property several times over!
I have nothing remotely near what Mr Supica had to offer, but it really makes me pause and think when I am old and decrepit, even in this state it might be best to just let my heirs deal with it down the road.
When you think about it, the average demographic on this forum bears the most tax burden proportionally relative to other demographics. The lower income can't have a high tax burden. Their income won't support it, and somehow these folks decide, or the government decides for them, it's just not worth it to go to work. The ultra rich have lawyers who figure out how to greatly lessen their tax burden. After that, who's left over?
Something to think about, if anything.
Simply, is it worth it to dispose of a high dollar firearm during one's lifetime?
Most, if not all of us, on this forum are middle class. Probably the higher end of middle class, which gives us extra funds to purchase the occasional higher end Smith & Wesson revolver. IF one of us on this forum has a high end Smith & Wesson to sell, like Jim Supica, the owner of this revolver did, chances are he used his knowledge base to acquire this revolver well under actual value. Which is fine, it certainly PAYS to be smart! But, that means one has a low basis, meaning the capital gains on this revolver are astronomical, in all probability. Yes, there's a fair amount of profit involved, but at what point does one say one would rather "profit" from the joy of ownership rather than profit, marginally, after dishing out a lot to the IRS?
I get it about the U S being the land of the free, and it's certainly better here than most or all other options, but I shake my head at the staggering tax obligation of the "a little more heeled" middle class individual.
I mention this because I unloaded a rental property last year and am facing the tax consequences right now. The property needed to go, that's not even debatable. And I could have done a Starker 1031 Exchange, but everything else seemed too overpriced to buy right now and, also, one is limited to twice the sale price of a property for another purchase, and the location of this property is such that buying something good—within walking distance to the beach—was not within the realm of possibility as such properties were well in excess of twice what I sold this property for.
Which means I didn't make all that much on this property to begin with, and I'm still staggering from the tax bite! I can't imagine how Jim Supica must feel! Hint: What the new owner spent on this revolver could have purchased my rental property several times over!
I have nothing remotely near what Mr Supica had to offer, but it really makes me pause and think when I am old and decrepit, even in this state it might be best to just let my heirs deal with it down the road.
When you think about it, the average demographic on this forum bears the most tax burden proportionally relative to other demographics. The lower income can't have a high tax burden. Their income won't support it, and somehow these folks decide, or the government decides for them, it's just not worth it to go to work. The ultra rich have lawyers who figure out how to greatly lessen their tax burden. After that, who's left over?
Something to think about, if anything.
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Yeah, and the escalating tax rates are only going to affect "the rich" - not us middle class working slobs.
Wanna' buy your very own bridge? I have one for sale...
Wanna' buy your very own bridge? I have one for sale...
Correct, I realize that. But many of us didn't get receipts if purchased privately. And if you did, what's it consist of? "I, John Jones, sell my Smith & Wesson revolver to Jack Smith for $1000." And that could be easily faked, which is in your favor.
Receipts
I personally think that anyone who sells a high dollar item without proof of previous purchase and cost there of is foolish. I mean you don't even have proof you own it! That's nuts! Uncle Sam doesn't care what's fair. A fake receipt? Prove it!
You should keep basic records of shows you attend, get business cards as much as you can and ask for any form of proof of purchase "every time" you buy something. Even the dealers have to attach a card to the purchased item. Have them fill it out. You input your info, etc! That's a receipt!
I have several receipts from diseased dealers like Big Mitch from years ago. How could the government prove or question the dollar amount? Its all correct Mr. tax man!
It's also proof of ownership. A must have!
I understand the cash and carry but you must have proof that you paid for it! I personally never let that slide. A hand shake isn't enough!!
Murph
I personally think that anyone who sells a high dollar item without proof of previous purchase and cost there of is foolish. I mean you don't even have proof you own it! That's nuts! Uncle Sam doesn't care what's fair. A fake receipt? Prove it!
You should keep basic records of shows you attend, get business cards as much as you can and ask for any form of proof of purchase "every time" you buy something. Even the dealers have to attach a card to the purchased item. Have them fill it out. You input your info, etc! That's a receipt!
I have several receipts from diseased dealers like Big Mitch from years ago. How could the government prove or question the dollar amount? Its all correct Mr. tax man!
It's also proof of ownership. A must have!
I understand the cash and carry but you must have proof that you paid for it! I personally never let that slide. A hand shake isn't enough!!
Murph
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Nowadays that makes sense! But I've purchased at gunsho s going back over 3 decades now, and "cash & carry". At least then I had little money and so purchased lower end stuff. The return on lower end stuff was negligible or even a loss. The better stuff I've purchased more recently. If an auction house, I have a receipt. If a private individual, I don't. Just incentive not to sell anything ever and let my heirs deal with a "stepped up" basis. The other benefit as then you also don't have to deal with the quagmire as to will the shipping location accept the firearm legally, will the carrier accept it, is a firearm an antique by definition if the round is commonly available, and should a claim have to be filed based on shipment, will it actually be paid? Have I sold firearms in the past right on this forum? Yes, but sparingly, and of lesser value and the quagmire stuff still left me scratching my head.
Better for my health not to sell anything, not worry about the quagmire conundrum, and not write a check to the IRS to be used for causes that are increasingly anti 2 A, in all probability. A triple whammy that is easily avoided!
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