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Re: Your advice on liquidating guns
[Re: 160user]
#7621221
07/07/22 09:42 AM
07/07/22 09:42 AM
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Joined: Dec 2006
Posts: 17,550 Rodney,Ohio
SNIPERBBB
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trapper
Joined: Dec 2006
Posts: 17,550
Rodney,Ohio
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The down side to the auction is you will be paid by check and may need to account for the "income". That is why I prefer a cash sale.
Yes but if he kept records of what he paid for them and put them on a 4797 form he would only need to claim the gain as income. He could also deduct that portion of the cost of selling to each firearm as well.
Bryce Does anyone actually keep records of what they paid for guns? To each their own but I prefer the cash transactions. Insurance purposes perhaps. Not that they'll give you anything close to what you paid if it gets stolen or a fire destroys it.
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Re: Your advice on liquidating guns
[Re: beeman]
#7621646
07/07/22 09:20 PM
07/07/22 09:20 PM
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Joined: Jan 2013
Posts: 4,821 sw iowa
Outlaw99
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trapper
Joined: Jan 2013
Posts: 4,821
sw iowa
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The most effortless way would be to simply move to Canada and let them take them from you
Not everyone likes me, but not everyone matters
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Re: Your advice on liquidating guns
[Re: 160user]
#7621655
07/07/22 09:35 PM
07/07/22 09:35 PM
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Joined: Dec 2006
Posts: 7,112 Three Lakes,WI 72
corky
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trapper
Joined: Dec 2006
Posts: 7,112
Three Lakes,WI 72
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The down side to the auction is you will be paid by check and may need to account for the "income". That is why I prefer a cash sale.
Yes but if he kept records of what he paid for them and put them on a 4797 form he would only need to claim the gain as income. He could also deduct that portion of the cost of selling to each firearm as well.
Bryce Does anyone actually keep records of what they paid for guns? To each their own but I prefer the cash transactions. If I kept records and my wife saw them I would be a dead man.
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Re: Your advice on liquidating guns
[Re: BigBob]
#7621854
07/08/22 08:32 AM
07/08/22 08:32 AM
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Joined: Jul 2019
Posts: 905 WI
Badger23
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trapper
Joined: Jul 2019
Posts: 905
WI
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Going by people I know that sold guns to Cabelas that would be my last option. They don't give you crap but they sure mark them up when they hit the used gun rack. I wouldn't trust any big box store to give a fair price.
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Re: Your advice on liquidating guns
[Re: beeman]
#7621856
07/08/22 08:36 AM
07/08/22 08:36 AM
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Joined: Dec 2006
Posts: 1,801 Beaman Iowa 55
Mike Cope
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trapper
Joined: Dec 2006
Posts: 1,801
Beaman Iowa 55
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Might call Brownells, They have some Used Racks in the store in Grinnell,
I have no idea how they are to sell to.
Last edited by Horn; 07/08/22 08:38 AM.
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Re: Your advice on liquidating guns
[Re: Rockfarmer]
#7621882
07/08/22 09:21 AM
07/08/22 09:21 AM
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Joined: Jan 2007
Posts: 17,786 MN
160user
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trapper
Joined: Jan 2007
Posts: 17,786
MN
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Auction for sure. Just sold 6 at an auction. They brought way more than I thought they would. There was an on-line gun auction here that just ended a couple days ago. Remington 870 Wingmaster brought around $68. It will cost the buyer less than $100 after buyers premium, tax and transfer fees. The seller will likely get around $50 after commission. Auctions are always a gamble.
I have nothing clever to put here.
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Re: Your advice on liquidating guns
[Re: Badger23]
#7622052
07/08/22 01:41 PM
07/08/22 01:41 PM
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Joined: Dec 2006
Posts: 1,930 iowa
bankrunner
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trapper
Joined: Dec 2006
Posts: 1,930
iowa
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I don't know where you're at in IA but Kramer Auction in Prairie du Chien WI has a few large gun auctions every year. Sweeney auction in Waukon iowa does too.
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Re: Your advice on liquidating guns
[Re: 160user]
#7622114
07/08/22 03:17 PM
07/08/22 03:17 PM
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Joined: Feb 2014
Posts: 13,058 Ky
jbyrd63
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trapper
Joined: Feb 2014
Posts: 13,058
Ky
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Auction for sure. Just sold 6 at an auction. They brought way more than I thought they would. There was an on-line gun auction here that just ended a couple days ago. Remington 870 Wingmaster brought around $68. It will cost the buyer less than $100 after buyers premium, tax and transfer fees. The seller will likely get around $50 after commission. Auctions are always a gamble. That’s us when you bid on it yourself ! No way that gun goes for that price if the auction brokers know what they are doing that won’t happen
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Re: Your advice on liquidating guns
[Re: 50fps]
#7622280
07/08/22 07:25 PM
07/08/22 07:25 PM
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Joined: Jan 2007
Posts: 17,786 MN
160user
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trapper
Joined: Jan 2007
Posts: 17,786
MN
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I've bought a few through HiBid and other web auction sights. One thing I do on current production firearms is find what the going price is new, knock 25% off of that and then figure in fees and taxes and place a max bid. Older guns entail more figuring, such as is it one of those I got to have it or low production caliber. I have bought a few Ruger No 1 at $400 and SKB shotguns for similar prices, but they are few and far between. In the last collection I bought that had Ruger No. 1's I paid $1,000 to the owner.
I have nothing clever to put here.
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