Thoughts on selling a few firearms on Gunbroker for the first time

[JohnRippert]

Another thing to remember about GB is that thanks to the powers in charge in Washington at this time you will get a 1099 from Gunbroker on anything you make over $600 during the year. You will need to include that in your yearly income at tax time.

I plan to take a couple guns at a time to local gunshows to sell. I used a local auction company to sell off my first cull of the collection about 10 or so years ago. I did well, but would prefer not to pay someone else the 25% to 30% to do the work.

 

[jaguargolf]

Read the hints they outline for posting. Use one of the enhanced posting tricks that are fee based, no more than that.
Recently any sale over $600 will be reported to IRS.

 

[CAJUNLAWYER]

Read the hints they outline for posting. Use one of the enhanced posting tricks that are fee based, no more than that.
Recently any sale over $600 will be reported to IRS.

A single 1099 for , say $1000 is not the end of the world. Typical guy here on the board will have a retirement pension income, mixed in with a social security check and maybe a little dividend income or perhaps a rental property. deduct from the $1,000 the cost of the firearm and the costs of the sale and you will maybe clear a couple of hundred bucks. Taxes on that are what.....$30?? Do you really think the IRS is gonna waste time going after you with an anal probe audit? A little more paperwork on your end that you have to keep for three years and that is pretty much about it.
Maddening??? You betcha but it is and has always been the law. It's just that with all the computerized recordkeeping and such, it's a lot easier for them to find it. Not like the good old days when you could safely bury such things in endless mounds of paper (Think the warehouse scene on the first Raiders of the Lost Arc) or count on that good old three day float for the end of the month checks you might have to write back in the day

Case in point regarding availability of records. Back in the day, after three years the bankruptcy filings of an individual case were warehouse somewhere in a warehouse up in Dallas if I remember correctly. You had to mail in a request and in about three weeks you got a nicely bound (with a blue ribbon no less)packet of the file delivered to you again by mail. Today, you punch in your PACER number, select the case and for $3.00 the entire thing is downloaded to your computer in a matter of seconds.