doublegunshop.com - home Forums General Discussion DoubleGun BBS @ doublegunshop.com Sell a Gun And Your get a 1099!

Our monster Pac Man govt. at work. I thought Clinton said back in '94, "The era of big govt. is over."

Lets say, I sell a gun at a loss and get a 1099 from the buyer. Can I take the loss on my taxes? Does this mean I'd have to itemize my gun buying and selling on my 1040 to justify profit/loss? The documentation is going to be a nightmare.

I am not into double guns to make money. I don't mind a small hit to enjoy something and then move on to scratch a different itch. But to pay taxes on the sale amount when I lost money on a deal is a bit much.

I know the IRS hasn't written the rules yet. I hope the NRA jumps on this or someone runs against the ruling party candidates on this issue this fall.

Joe

This, if true, sounds as idiotic as the many gun sellers, on KSL.COM in particular, who say "I'll only sell it to you if you'll sign a bill of sale". HUH? The seller gives the buyer a bill of sale, not the other way around. It's a receipt, stupid! Like going to Wal*Mart and you giving the checker a receipt for your basket of purchases.

Joe, it's gonna be a f*****g mess. The record keeping time and costs will probably cause a number of my clients to close very small part-time businesses which will reduce tax revenue to the government.

Judy and I will be in Charlotte tomorrow night for supper. If you want to see me turn purple just buy me a Guiness and ask me about this governmental FUBAR. I can just about guarantee you that I will turn purple and remember my old army sergeant vocabulary. Please cover Judy's ears first.

For you "few" who always [censored] and moan about things and never
contacted your representatives, why don't you call them now. You can find the numbers on the internet or most phone books have it in the front.

Write a letter or spend 7 cent a minute to call their aid and express your displeasure!

John Boyd
Quality Arms

So I sell a gun at auction or to a dealer for $1700.00. I paid $2200.00 for it but that happened years ago and I can't prove it. What will the IRS do, assume I paid nothing for it and add $1700.00 to my taxable income? That should go over big. Come on, John, tell me how you think this will play out if nothing is done to delete this paragraph from the legislation. We're back to my old analogy about buying a lawnmower at a yard sale and selling it for more money than I paid for it ten years later. Are the dems going to tax us on the profit? Is this country going to put up with such crap?

John

My congressman lied, more than most, to get elected last time. He has stopped listening. He will hear from a lot of people in November and he will not like their message. He is going to get fired.

And the government is about to learn the you can not make everyone work harder for the privilege to pay more taxes. I have reduced my property taxes over fifty percent of what was due yearly as late as five years ago. My personal income taxes will be reduced by one third this year with no real net decrease in personal income. There are ways to avoid giving the government more than half of every dollar you make. You can not make me work more to keep less and pay in more in taxes. The company store is closed.

I thought the Tea Party movement was going to peter out. But it looks like it will help elect about ten percent of the Republican Congress and several Senators. That is real power if they can last just two or three elections. Perhaps there is a seed of sanity within the people calling for less and less government. For my kids sake I hope so.

1099 for gun sales is a joke. If a person sells a gun and makes money they may try to claim he needs to pay taxes on the gain. If you do not have solid proof of the original purchase price then they will claim the entire sale is a taxable gain. If he loses money they will not allow the loss. He can either carry forward to another year to off set a future gain or they will try to say the loss proves the sale was not taxable because it is a hobby and hobby expenses and hobby losses are not deductible.

If you are a "real" dealer then the 1099 is one more useless paper trail you will be force to generate and keep track of for ever. They will get more in fines for poor records than they will get for taxes collected. Take comfort in the fact the Government is warning people to not go into areas with high illegal immigration with big signs. I feel safer already.

Please Remember This:

"You will have to pass the Obama Health Care Package to find out what's in it."

Nancy Pelosi

VOTE THESE IDIOTS OUT OF OFFICE IN NOVEMBER!
Jim

First, do not just wait until election time and hope for the best. You need to contact your represenatives now. If you have time to screw around on the BBSs, you have time to make a phone call or email, or post card to express you stand

Second, for the fellow who asked about write off a loss if he sold the gun for less that he paid, the answer will be no.

This is no different than if you win big at Vegas, its reported if its over a certain amount and taxes are taken out right then.
If you lost lots of money until hit it big, you can not write the loss off, unless you are considered a professional gamber as an occupation.

I believe the CPA here can verify that.

John Boyd

I too am a CPA (long retired), so I see this a-Obama-nashun thru a different lens: Opportunity! I foresee all businesses taking the path of least resistance by using a corporate charge card to make all $600-plus purchases, thus obviating the 1099-misc bookkeeping and the reporting nuisance. Credit card service companies like Visa, MasterCard, et al are going to do a land office business. These are market-traded companies. The stocks are a Buy.

Besides, most large companies that buy and sell products, like GE, Target, Home Depot, Sears, Cabelas...make that all mid- to large companies have captive banks that issue their own charge cards; this is why these retailers are always hitting you up to use their own credit card.

This Obama slow-pitch is the busy-work bailout for the credit card industry. To think that the government is going to insinuate itself into virtually every $600 transaction...well, with half the people filing paperwork and the other half working for government, shuffling the paperwork, this cannot be good. And there is more...

My strategy in going to a gun show is to bring cash and use it as a club. After all, once I hammer down the price of a nice Parker from, say, $10,000 to $5,000, I can't really expect the "feeling pain" seller to take an out-of-state check from a virtual stranger. Cash is the universal solvent. But wait!

The last time I went to my bank to get $5,000 cash, where I have done business for 38 years, and where everyone knows me (town of 600), the teller said, "Sorry, Ed, but I need your driver's license..."

I said, "Huh?"

She explained that homeland security put the onus on all banks to report all "suspicious cash transactions," and the banks, to avoid lawsuits for "profiling," decided to shove it down the fed's throat by determining that every $3,000-plus cash transaction was suspicious and, thus, reportable (with copy of DL), even if the customer was not known to ride a camel.

Thus all $3,000-plus cash withdrawals are reported to the federal government (the $10,000-plus cash reporting is a different issue--money laundering). Is it any wonder that we are on the brink of having all our $600 plus transactions run past federal bureaucrats? And posted on U-Tube? FaceBook? doublegunshop.com? Think I'm kidding?

Isn't this the same federal government that, of late, has 15,000 of its classified national secrets posted on some foreign website that publishes leaked top secret documents. And the guy that hosts the site thumbs his nose at the Obama administration. I guess the CIA was/is too busy reviewing my $5,000 cash transaction.

Things ain't what they used to was. EDM