Wolfgang, SASS #53480 Posted January 29, 2020 Share Posted January 29, 2020 Hi there . . . . I was selling guns . . ( is that a sacrilege ? ) . . . probably . . . but . . . Anyhow . . . I had taken a realistic look at my financial future . . . and realized that I had too big a percentage of my net worth tied up in Guns, . . most of which I was not using. They were nice guns and I loved them .. . but just too many. So I carefully figured out which ones I could part with, and proceeded to list them on the classifieds. I’m happy to have reduced my inventory of guns and happy as well that all purchasers got a good deal and are happy with what they received. Wolfgang . . . . Link to comment Share on other sites More sharing options...
Mud Marine,SASS#54686 Life Posted January 29, 2020 Share Posted January 29, 2020 Since I am only an "El Rey", I'm not old enough to worry about having too many firearms yet. My tragic situation is not having many of the ones I "NEED". I need more from Les Baer, a few more S&W revolvers, a .50 or more caliber double rifle, another 8 gauge double, another Thompson SMG, more for my grandchildren and for my Sea Scouts and for loaners and lots more. Link to comment Share on other sites More sharing options...
Wolfgang, SASS #53480 Posted January 29, 2020 Author Share Posted January 29, 2020 17 minutes ago, Mud Marine,SASS#54686 Life said: Since I am only an "El Rey", I'm not old enough to worry about having too many firearms yet. My tragic situation is not having many of the ones I "NEED". I need more from Les Baer, a few more S&W revolvers, a .50 or more caliber double rifle, another 8 gauge double, another Thompson SMG, more for my grandchildren and for my Sea Scouts and for loaners and lots more. A good attitude. Link to comment Share on other sites More sharing options...
Sixgun Sheridan Posted January 29, 2020 Share Posted January 29, 2020 I have too much of my net worth tied up in guns as well, but I don't care. My wife left me, I have no kids, and guns & shooting is one of the few hobbies I have left to enjoy that I can actually afford. I'll worry about selling them when I get too old to shoot them. Link to comment Share on other sites More sharing options...
J-BAR #18287 Posted January 30, 2020 Share Posted January 30, 2020 One of my favorite George Booth cartoons from New Yorker Magazine... The caption is small, "Approximately one-third of our income goes for defense." Link to comment Share on other sites More sharing options...
Church Key, SASS # 33713 Posted January 30, 2020 Share Posted January 30, 2020 This past Sunday, I visited the NRA Firearms Museum in Fairfax, VA. They feature the Robert Peterson Gallery, which has the finest collection of guns I have ever viewed. He became a millionaire after WWII by building a publishing empire which included magazines such as Guns and Ammo. Anyhow, he tied up huge sums of $$$ in his gun collection. The foremost examples being the only 3 Parker "Invincible" model shotguns made, which are valued at over $5 million, and the worlds largest known collection of Gatling guns, including one that was used at San Juan Hill in Cuba. We are all but pikers in the collection business when you can see what real money (and excellent taste) can accomplish. He had over 2K guns when he passed. His net worth at the time was over $750 million. I'm guessing that his gun collection accounted for about 10% of that. His wife donated 400 of the finest guns in his collection to the NRA. Link to comment Share on other sites More sharing options...
Charlie Harley, #14153 Posted January 30, 2020 Share Posted January 30, 2020 Sounds like you just added a stop to my next trip to DC. Link to comment Share on other sites More sharing options...
J-BAR #18287 Posted January 30, 2020 Share Posted January 30, 2020 I am sure Mr. Peterson's collection and taste are impeccable. I helped him out by buying a lot of his magazines! If you ever venture to my neck of the woods, the NRA museum in Bass Pro Shop's mother ship in Springfield has 3 times as many visitors annually as the one in Virginia. Not saying it's better, just saying a lot of folks go through it. And I see something new every time I visit. Let me know when you are nearby, I would be honored to accompany any SASS pard on a tour. Link to comment Share on other sites More sharing options...
Charlie Harley, #14153 Posted January 30, 2020 Share Posted January 30, 2020 My dad’s Air Force buddy used to live in Springfield and we visited often. The buddy passed and those journeys have stopped. Otherwise, I’d take you up on your kind offer. Link to comment Share on other sites More sharing options...
punxsutawneypete Posted January 30, 2020 Share Posted January 30, 2020 I own an unmodified British Webley Mark VI revolver in the original .455 caliber. One of the members of my one club, a local judge, always asks me if I'm going to sell it. I tell him, "Yeah, you can bid on it at my estate sale." Link to comment Share on other sites More sharing options...
Three Foot Johnson Posted January 30, 2020 Share Posted January 30, 2020 I would imagine selling personal guns is like any other personal property, like a car or truck - if you sell it at, or below, what you paid for it, there is no income tax due, but if you bought a Colt SAA in 1974 for $400, then sold it in 2020 for $2500, you'd have to report $2100 earnings to the IRS... right? Link to comment Share on other sites More sharing options...
sassnetguy50 Posted January 30, 2020 Share Posted January 30, 2020 45 minutes ago, Three Foot Johnson said: I would imagine selling personal guns is like any other personal property, like a car or truck - if you sell it at, or below, what you paid for it, there is no income tax due, but if you bought a Colt SAA in 1974 for $400, then sold it in 2020 for $2500, you'd have to report $2100 earnings to the IRS... right? Why not treat it like real estate? Reinvest capital gains within the same calendar year in more firearms. Then there is no income tax. edit: if you report a lot of profit from firearms, does the IRS tell the ATF who looks at you for dealing without a license? Link to comment Share on other sites More sharing options...
Noz Posted January 30, 2020 Share Posted January 30, 2020 2 hours ago, J-BAR #18287 said: I am sure Mr. Peterson's collection and taste are impeccable. I helped him out by buying a lot of his magazines! If you ever venture to my neck of the woods, the NRA museum in Bass Pro Shop's mother ship in Springfield has 3 times as many visitors annually as the one in Virginia. Not saying it's better, just saying a lot of folks go through it. And I see something new every time I visit. Let me know when you are nearby, I would be honored to accompany any SASS pard on a tour. Make sure you emphasize the Lewis and Clark Air Rifle. I stand and stare and slide back in time at that display. Link to comment Share on other sites More sharing options...
Trigger Mike Posted January 30, 2020 Share Posted January 30, 2020 Wolfgang, I am thinking the same thing. My hold up being willing to take a loss for some, i.e. ruger lcp or such. How did you overcome that part of it? Link to comment Share on other sites More sharing options...
sassnetguy50 Posted January 30, 2020 Share Posted January 30, 2020 30 minutes ago, Trigger Mike said: Wolfgang, I am thinking the same thing. My hold up being willing to take a loss for some, i.e. ruger lcp or such. How did you overcome that part of it? Maybe prices will skyrocket again in 9 months. Link to comment Share on other sites More sharing options...
Loophole LaRue, SASS #51438 Posted January 30, 2020 Share Posted January 30, 2020 7 hours ago, Three Foot Johnson said: I would imagine selling personal guns is like any other personal property, like a car or truck - if you sell it at, or below, what you paid for it, there is no income tax due, but if you bought a Colt SAA in 1974 for $400, then sold it in 2020 for $2500, you'd have to report $2100 earnings to the IRS... right? Right........ LL Link to comment Share on other sites More sharing options...
Rye Miles #13621 Posted January 30, 2020 Share Posted January 30, 2020 A long time ago I discovered that I don't have enough money to own all the guns I WANT! I limit myself to ones that I actually shoot. I buy and sell regularly! If I haven't shot a gun in say maybe two years, it's gone!! Link to comment Share on other sites More sharing options...
Church Key, SASS # 33713 Posted January 30, 2020 Share Posted January 30, 2020 A long departed friend had a twin of the Clark air gun. He bought it at the Baltimore antique gun show. He sold a Patterson Colt at the show to get some cash. He brought it to the Rockville IWLA and let everyone shoot it. It was good for 30+ shots before recranking the pump. This guy was the best collector I've ever met. Had a bank vault in his basement. Link to comment Share on other sites More sharing options...
bgavin Posted January 30, 2020 Share Posted January 30, 2020 6 hours ago, Rye Miles #13621 said: A long time ago I discovered that I don't have enough money to own all the guns I WANT! I limit myself to ones that I actually shoot. Yep. And why I don't have a 45-70. Up until last night, no 44 mags, either. However... I tripped over (and bought) a NIB 2002 old model Vaquero Bisley 44 mag in 5.5" stainless. This means I will have to keep an eye open for its twin brother... Link to comment Share on other sites More sharing options...
Cypress Sun Posted January 30, 2020 Share Posted January 30, 2020 I've been divesting myself of some unused guns. Just can't see any sense in holding onto them when I can use the cash for other things. Currently have a Red 9 Broomhandle Mauser w/stock that I've been taking to matches. I just wish I had $5.00 for every time I've been asked "How do you take the magazine out" and I've only taken it to two matches. I'd have had enough cash to pay for the matches and the gas to and from. Link to comment Share on other sites More sharing options...
Sixgun Sheridan Posted January 30, 2020 Share Posted January 30, 2020 I have plenty of guns that I never shoot. Sometimes just pulling it out of the garage and polishing up the chrome is all the satisfaction I need. No need to take it out in the rain and mess it up. Link to comment Share on other sites More sharing options...
El Hombre Sin Nombre Posted January 30, 2020 Share Posted January 30, 2020 18 hours ago, Three Foot Johnson said: I would imagine selling personal guns is like any other personal property, like a car or truck - if you sell it at, or below, what you paid for it, there is no income tax due, but if you bought a Colt SAA in 1974 for $400, then sold it in 2020 for $2500, you'd have to report $2100 earnings to the IRS... right? Can't you adjust for inflation? Link to comment Share on other sites More sharing options...
Tyrel Cody Posted January 30, 2020 Share Posted January 30, 2020 Since I seem to always buy high and sell low, can I get a tax credit? Link to comment Share on other sites More sharing options...
Kid Rich Posted January 30, 2020 Share Posted January 30, 2020 2 hours ago, bgavin said: Yep. And why I don't have a 45-70. Up until last night, no 44 mags, either. However... I tripped over (and bought) a NIB 2002 old model Vaquero Bisley 44 mag in 5.5" stainless. This means I will have to keep an eye open for its twin brother... I have one of those in 41 Mag-nice gun. kR Link to comment Share on other sites More sharing options...
Mud Marine,SASS#54686 Life Posted January 30, 2020 Share Posted January 30, 2020 I spent the afternoon cleaning guns in my youngest son's gunroom. most are guns that I have given him. He has rifles, pistols and shotguns from .410 to 12, rifles from .22 to .45ACP, and pistols from .22 to .357. I gave my eldest son a bunch too. They also have my Dad's swabbie officer's sword, my eldest has his Marine mameluke sword and they share my Great Uncle Milton's Arabian sword from his movies. As time goes on, I plan to give them the rest of the ones that are getting beyond me. Link to comment Share on other sites More sharing options...
El Hombre Sin Nombre Posted January 31, 2020 Share Posted January 31, 2020 19 hours ago, Tyrel Cody said: Since I seem to always buy high and sell low, can I get a tax credit? That's my philosophy as well. But I come out ok because I make it up in volume. Link to comment Share on other sites More sharing options...
Major E A Sterner #12916 Posted February 1, 2020 Share Posted February 1, 2020 On 1/29/2020 at 10:52 PM, Three Foot Johnson said: I would imagine selling personal guns is like any other personal property, like a car or truck - if you sell it at, or below, what you paid for it, there is no income tax due, but if you bought a Colt SAA in 1974 for $400, then sold it in 2020 for $2500, you'd have to report $2100 earnings to the IRS... right? But don't forget to deduct storage and maintenance fees, you had while you owned it. Link to comment Share on other sites More sharing options...
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