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Just wondering, before I start my collection:
- Thread starter 21CFA
- Start date
Willie Lowman
New member
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
New member
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
New member
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 babiesbecomming a dealer is like being a crack addict.
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...
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...