firearm related write offs

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Re: firearm related write offs

Postby Srigs on Thu Jan 07, 2010 7:53 pm

cobb wrote:Remember, if you sell a firearm that you wrote off, that sale is 100% profit and taxed accordingly.


Only if it was not fully depreciated or would have if it is 7 years old.
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Re: firearm related write offs

Postby IDPA Shooter on Thu Jan 07, 2010 8:31 pm

Srigs wrote:
cobb wrote:Remember, if you sell a firearm that you wrote off, that sale is 100% profit and taxed accordingly.


Only if it was not fully depreciated or would have if it is 7 years old.


Sorry but Cobb is correct. If it is fully depreciated your book value is zero, you sell it for $400, you owe tax on the entire $400. :( I don't like it either.
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Re: firearm related write offs

Postby ttousi on Thu Jan 07, 2010 9:15 pm

simple............don't sell any :D
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Re: firearm related write offs

Postby David on Thu Jan 07, 2010 9:27 pm

People sell guns?!?!
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Re: firearm related write offs

Postby JoeH on Thu Jan 07, 2010 9:30 pm

David wrote:People sell guns?!?!


If they didn't you wouldn't have so many!
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Re: firearm related write offs

Postby David on Thu Jan 07, 2010 9:32 pm

Ohhhh, good point. Yeah, sell that ****!!!!
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Re: firearm related write offs

Postby 45usp45 on Thu Jan 07, 2010 10:19 pm

David wrote:People sell guns?!?!


Does seem odd. I've traded a few, given a few as gifts.
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Re: firearm related write offs

Postby Srigs on Thu Jan 07, 2010 11:43 pm

IDPA Shooter wrote:
Srigs wrote:
cobb wrote:Remember, if you sell a firearm that you wrote off, that sale is 100% profit and taxed accordingly.


Only if it was not fully depreciated or would have if it is 7 years old.


Sorry but Cobb is correct. If it is fully depreciated your book value is zero, you sell it for $400, you owe tax on the entire $400. :( I don't like it either.


Just give them away. So no money and no tax :mrgreen: No you can't have any :D
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Re: firearm related write offs

Postby Seismic Sam on Fri Jan 08, 2010 4:16 am

Isn't Dean C an accountant??
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Re: firearm related write offs

Postby RobD on Fri Jan 08, 2010 5:58 am

Srigs wrote:Sorry but Cobb is correct. If it is fully depreciated your book value is zero, you sell it for $400, you owe tax on the entire $400. :( I don't like it either.


Just give them away. So no money and no tax :mrgreen: No you can't have any :D[/quote]

Or donate them to a Charity :lol: Then you can write it off....
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Re: firearm related write offs

Postby DeanC on Fri Jan 08, 2010 8:49 am

Seismic Sam wrote:Isn't Dean C an accountant??

No green eye shades here. :geek:
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Re: firearm related write offs

Postby westhope on Fri Jan 08, 2010 9:54 am

As soon as my firearms are fully depreciated they fall out of my boat into a deep lake.
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Re: firearm related write offs

Postby MrVvrroomm on Sun Jan 10, 2010 10:48 am

Un-reimbursed job-related expenses can be written off. In my case between my union dues and several other expenses, this number is not nearly large enough when compared to my wage to warrant a "write-off".

Your results may vary. I agree with some of the above posts, consult an income tax professional.
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Re: firearm related write offs

Postby chunkstyle on Sun Jan 10, 2010 12:35 pm

I've given all mine away. To chimpanzees. God knows where they are now.
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