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Joined: Dec 2001
Posts: 5,257
Sidelock
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Sidelock
Joined: Dec 2001
Posts: 5,257 |
I agree with eightbore on the tax comments. This is an inheritance and ,as far as I know, not subject to taxes. It would seem to me that instead of taxes to be paid, a deduction might be made on a return for the fees paid in selling. Check with your tax accountant. I also agree with DaveK on whom to think of as an agent. Go with the big dogs when dealing with the big dogs. Best, John
Humble member of the League of Extraodinary Gentlemen (LEG). Joined 14 March, 2006. Member #1.
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Joined: Jan 2002
Posts: 405
Sidelock
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Sidelock
Joined: Jan 2002
Posts: 405 |
It depends on when the title of transfer took place, items transfer at the value on the date of transfer, if held for a couple of years before selling you would have capital gain associated with increase of value from date of transfer until date of sale, or loss of same. I am not a tax attorney nor did I stay at a Holiday Inn last night,consult your tax attorney on tax matters.
NRA Life Member 1969 OGCA
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Joined: Jan 2002
Posts: 2,307
Sidelock
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Sidelock
Joined: Jan 2002
Posts: 2,307 |
Absolutely agree with Dave K and John Mann in choosing an auction firm. Charlton Hall is a freshman in the Pro Bowl, so far as many here are concerned. They may well have been "in business" since 1929, but they have apparently only been in the business of auctioning fine sporting arms since 2007. Their two supporters here can make all the suggestions they care to, they are still "Babes In The Woods" when it comes to the types of guns you are considering offering. Go with the oldest and most experienced top names in the country, not the newest and least experienced. You have entirely too much to risk. Hopefully Charlton Hall will gain stature with experience. You have already been given the appropriate names above.
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Joined: Aug 2003
Posts: 333 Likes: 1
Sidelock
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Sidelock
Joined: Aug 2003
Posts: 333 Likes: 1 |
Inheritance taxes are paid on the estate, by the estate, when a person dies. Any inheritance taxes due were paid (or should have been paid) by the estate when the estate was settled. The guns should have been valued at that time to settle the estate. VA collector has no inheritance taxes to pay. However, someone inheriting real property (VA Collector)would have a basis in that property that was the value placed on the property on the date of death. If VA Collector sells the guns for more than the date of death value he would/should pay capital gains taxes. If the guns were valued low for estate tax purposes, VA Collector could have a substantial capital gains tax.
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Joined: Feb 2002
Posts: 14,211 Likes: 224
Sidelock
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Sidelock
Joined: Feb 2002
Posts: 14,211 Likes: 224 |
Rick, you're a nice guy, but not a tax accountant. Any piece of personal property I inherit and pay tax on becomes a piece of personal property. I am not obligated to keep track of that stuff. A John Deere lawn tractor, a silver plated brass bracelet, a set of off road tires for my Land Rover, get serious. If I sell them at my next yard sale for more than their declared value at my uncle's death, what forms should I fill out??? Capital gains on a lawn tractor or a shotgun???
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Joined: Jul 2006
Posts: 353 Likes: 1
Sidelock
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Sidelock
Joined: Jul 2006
Posts: 353 Likes: 1 |
Bill, there is a capital gain accountable on Sch D in the event of sale of personal property for more than the basis in that property.
The basis in inherited property is established in the administration of the estate and is either the fair market value at the date of death or on the "alternate" date 6 months later.
And yes, I have personally filed capital gains on firearms.
Roscoe
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Joined: Aug 2003
Posts: 333 Likes: 1
Sidelock
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Sidelock
Joined: Aug 2003
Posts: 333 Likes: 1 |
Bill, Thank you for calling me a nice guy. Not too many people do that. However, according to the IRS most property you own and use for personal purposes, pleasure or investment is a capital asset. For example your house, furniture, car, stocks and bonds are capital assets..any property held by you except that used in a trade or business. Basis is the amount of your investment in property for tax purposes. You need to know your basis to figure any gain or loss on the sale or other disposition of the property. You must keep accurate records that show the basis and adjusted basis of your property. Your records should show the purchase price, including commissions, increases to basis, such as the cost of improvements and decreases to basis, such as depreciation.
The Govt. does not spend the time or energy worrying about your lawn tractor, Land Rover tires etc. all in which you can generally show considerable depreciation, or selling a gun every now and then. Disposing of a high vauled gun collection in one full swoop may be a different story. JMHO.
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Joined: Feb 2002
Posts: 14,211 Likes: 224
Sidelock
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Sidelock
Joined: Feb 2002
Posts: 14,211 Likes: 224 |
Rick, I'll remember that when I dispose of my Model 37S twenty gauge two barrel set and my high condition late 4E. Since I trust my friend, Capt. Curl, to be my legal advisor on gun matters, I will start keeping better records. Please let my know how to compute "basis" on transfers of personal property at the death of a spouse. Is that a loophole for a widow or widower?
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Joined: Nov 2002
Posts: 9,383 Likes: 2
Sidelock
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Sidelock
Joined: Nov 2002
Posts: 9,383 Likes: 2 |
You know, some gents on this board might be interested in buying something of him. Perhaps there is an ole fowler in very good condition from: Boswell, Greener, Tolley, Bland, Pape,.... in that luvly bunch. I would pay cash eqivalent in Euros.
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Joined: Aug 2005
Posts: 302
Member
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Member
Joined: Aug 2005
Posts: 302 |
Roscoe, Visiting your web site is truly an experience to be savored. Most professional presentation I've seen on the Internet, not to mention the exquisite examples of the gun makers art photographed to perfection to be found there. Thank you.
"I hate rude behavior in a man. I won't tolerate it" - Capt. Woodrow Call
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