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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
Joined: Dec 2006
Posts: 17,550
Rodney,Ohio
SNIPERBBB Offline
trapper
SNIPERBBB  Offline
trapper

Joined: Dec 2006
Posts: 17,550
Rodney,Ohio
Originally Posted by 160user
Originally Posted by bblwi
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.

Re: Your advice on liquidating guns [Re: beeman] #7621631
07/07/22 09:01 PM
07/07/22 09:01 PM
Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
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bblwi Offline
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bblwi  Offline
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Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
You don't have to file on a 4797 with the cost and selling price plus cost of sale, but you could list the income as capital gain income on schedule D and it would be subject to a considerably lower tax rate if the person is in the 25% bracket or more. Yes cash works but if a broker or dealer lists sales or costs as part of their business expense and you don't report they could find that you have defaulted on reporting your taxable income.

Bryce

Re: Your advice on liquidating guns [Re: beeman] #7621646
07/07/22 09:20 PM
07/07/22 09:20 PM
Joined: Jan 2013
Posts: 4,821
sw iowa
Outlaw99 Offline
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Outlaw99  Offline
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Joined: Jan 2013
Posts: 4,821
sw iowa
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
Re: Your advice on liquidating guns [Re: 160user] #7621655
07/07/22 09:35 PM
07/07/22 09:35 PM
Joined: Dec 2006
Posts: 7,112
Three Lakes,WI 72
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corky Offline
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Joined: Dec 2006
Posts: 7,112
Three Lakes,WI 72
Originally Posted by 160user
Originally Posted by bblwi
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.

Re: Your advice on liquidating guns [Re: corky] #7621682
07/07/22 10:06 PM
07/07/22 10:06 PM
Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
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bblwi Offline
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bblwi  Offline
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East-Central Wisconsin
Yes cash would be the easist way but if you don't plan to report income and revenues from the sale of those assets then one may want to research closely how the cost of the assets are recorded or kept. You don't want income traced if you don't plan to report it.

Bryce

Re: Your advice on liquidating guns [Re: BigBob] #7621854
07/08/22 08:32 AM
07/08/22 08:32 AM
Joined: Jul 2019
Posts: 905
WI
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Badger23 Offline
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Badger23  Offline
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Joined: Jul 2019
Posts: 905
WI
Originally Posted by BigBob
Got a Cabelas near you?

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.

Re: Your advice on liquidating guns [Re: beeman] #7621856
07/08/22 08:36 AM
07/08/22 08:36 AM
Joined: Dec 2006
Posts: 1,801
Beaman Iowa 55
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Mike Cope Offline
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Beaman Iowa 55
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.
Re: Your advice on liquidating guns [Re: Rockfarmer] #7621882
07/08/22 09:21 AM
07/08/22 09:21 AM
Joined: Jan 2007
Posts: 17,786
MN
1
160user Offline
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160user  Offline
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Posts: 17,786
MN
Originally Posted by Rockfarmer
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.





Re: Your advice on liquidating guns [Re: Badger23] #7622052
07/08/22 01:41 PM
07/08/22 01:41 PM
Joined: Dec 2006
Posts: 1,930
iowa
bankrunner Offline
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bankrunner  Offline
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Posts: 1,930
iowa
Originally Posted by Badger23
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.

Re: Your advice on liquidating guns [Re: 160user] #7622114
07/08/22 03:17 PM
07/08/22 03:17 PM
Joined: Feb 2014
Posts: 13,058
Ky
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jbyrd63 Offline
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Joined: Feb 2014
Posts: 13,058
Ky
Originally Posted by 160user
Originally Posted by Rockfarmer
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

Re: Your advice on liquidating guns [Re: beeman] #7622190
07/08/22 05:17 PM
07/08/22 05:17 PM
Joined: May 2018
Posts: 207
West coast Wisconsin
50fps Offline
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50fps  Offline
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West coast Wisconsin
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.

Re: Your advice on liquidating guns [Re: 50fps] #7622280
07/08/22 07:25 PM
07/08/22 07:25 PM
Joined: Jan 2007
Posts: 17,786
MN
1
160user Offline
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160user  Offline
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Joined: Jan 2007
Posts: 17,786
MN
Originally Posted by 50fps
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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