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
Atf Tax Question
Started by
snipershot1944
, Jan 08 2005 02:01 PM
6 replies to this topic
#1
snipershot1944
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Posted 08 January 2005 - 02:01 PM
#2
Tman
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Posted 08 January 2005 - 02:30 PM
I don't believe that excise taxes are deductable. Anyone else have better info?
#3
TM76
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Posted 08 January 2005 - 03:22 PM
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
#4
Merry Ploughboy
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Posted 08 January 2005 - 03:26 PM
Topic was discussed on the Subguns NFA forum several months ago. Review the archives there for the complete details.
MP
MP
#5
Grey Crow
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Posted 08 January 2005 - 04:51 PM
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!!
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!!
#6
amafrank
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Posted 10 January 2005 - 12:18 AM
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
Hope that helps
Frank
#7
Z3BigDaddy
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Posted 10 January 2005 - 11:29 AM
I know somone who wrote off a Detonic's pistol as "office" security system....
