Robert Henley Posted August 4, 2017 Report Share Posted August 4, 2017 I noticed this Gunbroker description includes a statement that the $200 tax stamp is deductible: http://www.gunbroker.com/Item/677749214 I haven't heard that before. Anyone know about this? Link to comment Share on other sites More sharing options...
MG08 Posted August 4, 2017 Report Share Posted August 4, 2017 Guess it depends on your status. as a private citizen, no. Can you deduct that taxes you paid to the US govt in the previous year ? Ummm - no. BUT as a business if I am buying the item as inventory, then the cost of acquiring the item including transfer tax from an individual is considered a business expense. that is the interpretation of of my tax accounting firm. your state and tax guy may have a different opinion. has worked for me for about 30 years..... Link to comment Share on other sites More sharing options...
StooperZero Posted August 4, 2017 Report Share Posted August 4, 2017 no. Link to comment Share on other sites More sharing options...
geefal Posted August 13, 2017 Report Share Posted August 13, 2017 specifically states in the regs that it is not deductible. I can not quote this as I do not have it in front of me, but no. 1 Link to comment Share on other sites More sharing options...
AlexanderA Posted August 16, 2017 Report Share Posted August 16, 2017 It's not deductible (for a non-dealer purchaser), but it's added to the basis for computing gain or loss on a later sale. (Losses on hobby items are not deductible, but gains are taxable as capital gains.) Link to comment Share on other sites More sharing options...
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