Home Forums Hunting & Shooting Hunter's Campfire Opinions on Cash from selling guns??

Hello all, I'm debating selling some guns at the next gun show. If I sell what I would hope to I may end up with $10,000 +. Is there, if any way to invest that money without tax issues? Just curious on your thoughts.

Thank you,

yes, buy more guns!

I've thought about that or buying more silver and gold.

I'm not trying to hide money but looking for the investment with least amount of tax implications.

Talk to a CPA. You're selling a collectable, hard asset. Your most reasonable reinvestment in a similar "investment vehicle" that ought to have as little tax consequence as possible, would be another collectable, hard asset.

When in doubt, and you are, seek a CPA's advice.

Have you maxed out all of your IRA/403b account deposits for 2014 or 2015? If not, move more of your income into those accounts and use the gun proceeds to cover the on-going expenses that the income would have been devoted to. That way you are effectively turning the gun proceeds into tax free income, via the fungibility of money.

That would be a heck of a gun show. I would start with the premise that you didn't make money you actually lost money on your earlier investment. Actually if you made that much money on guns in a single gun show weekend, you probably would have to take a hit on a fair number. Times are hard and people typically are only buying GOOD DEALS.

If you need some remodeling or updating on your house, pay with cash, you buy the materials.

I don't think you have to pay taxes on the $10K. I think you have to pay taxes on the $10K MINUS what you paid for the guns.

Unless there's some requirement to report the income thru the gun show...why would you report it? What would you normally do with a windfall profit? I'm sure there's some here with savvy investment advice, but generally speaking, this isn't the place I'd look for that type advice, unless you take the "buy more guns" advice, in which case, that's sound.

Wadaya got?

Ironbender is right. Probably have just as good a chance selling them on here as a gun show. (Depending on the economy in your area)

Just don't deposit all the money on the same day in the same bank and do whatever you want to with it.

Unless you are a gun dealer, you have no tax consequences from a sales of personal property not used in a business. They are considered household goods and personal effects.

In that case, be sure to write off the loss.

I know not what course others may take, but as for me...if I sold ten grand worth of my guns I'd just turn the money over to my wife.

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You shouldn't have any tax issues other than what taxes you'll have based on the profit you make from your investments. As mentioned, you don't want to make a large cash deposit at a bank, as the bank is required to inform the feds anytime they receive over $10k in cash.

Personally I'd just use the cash for your daily expenses you'd typically use a cc or check for, and then use the money you aren't spending from your bank account for investing.

buy a 2500 gallon gas tank. fill at current prices. even a 20% increase is a good return.

Yes on the gas tank. ANd then due to .gov crap regs on ethanol requirements, the gas is bad in 3 months...

RE bank deposits... you get what, 0.5 % interest... why deposit at that rate....

I"m betting your wife reads all your post. GW

The first investment is to not take them to a gun show

selling at a gun show you will probably be viewed by the buyers as likely someone desperate, and you'll get low balled & lose 30-40 % of the value.

You avoid that loss selling on Gunbroker, or similar auction site. Or even sell here in the Classifieds, especially if you have unusual, interesting rifles.

10k is just a few left handed stainless New Haven M70's,

if so, please send me pics first.......