snipershot1944 Posted January 8, 2005 Report Share Posted January 8, 2005 A quick end of the year question for everyone. Is the $200 ATF transfer tax a deductible tax on your income taxes? That might be a $400 writeoff. Sniper Link to comment Share on other sites More sharing options...
Tman Posted January 8, 2005 Report Share Posted January 8, 2005 I don't believe that excise taxes are deductable. Anyone else have better info? Link to comment Share on other sites More sharing options...
TM76 Posted January 8, 2005 Report Share Posted January 8, 2005 When I reactivated my M1A1 and paid the $200.00 tax, I asked my tax man if I could deduct it, he said "NO" See Ya Tino Link to comment Share on other sites More sharing options...
Merry Ploughboy Posted January 8, 2005 Report Share Posted January 8, 2005 Topic was discussed on the Subguns NFA forum several months ago. Review the archives there for the complete details. MP Link to comment Share on other sites More sharing options...
Grey Crow Posted January 8, 2005 Report Share Posted January 8, 2005 If your employer required that you carry a NFA weapon, and that you must purchase it, then you could write off the stamp tax, as well as the weapon. However most positions that would require that you carry a full auto weapon are usually government jobs with a fairly high security level, or military. Other than that its considered a luxury. It would be nice though!! Link to comment Share on other sites More sharing options...
amafrank Posted January 10, 2005 Report Share Posted January 10, 2005 The transfer tax is not deductable unless you are in business and can deduct it as a business expense. An example would be a dealer who buys an NFA weapon from an individual and pays the transfer tax. The dealer can deduct the tax as a cost of goods. You as a private party can only deduct the tax when you sell the weapon and claim capital gains. The tax can be used as part of the basis of cost deducted from the sale price to determine the gain... Hope that helps Frank Link to comment Share on other sites More sharing options...
Z3BigDaddy Posted January 10, 2005 Report Share Posted January 10, 2005 I know somone who wrote off a Detonic's pistol as "office" security system.... Link to comment Share on other sites More sharing options...
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