Biden DOJ Floats New Rule To Crack Down On Private Gun Sellers

[Qwikdraw45]

Other free states are more lenient then NH people.

You "can" do what you want in NH. But, don't be surprised when "they" send your ass up the river if something is mis-used by someone else and you're the last one in recorded possession of it.

 

[T-Unit]

Is that "buying for the purpose of selling"?

No and I'm not saying that people should run away from private sales if things go the ATF's way, it's just a question of how much shit are you willing to deal with if you decide to do private sales, which BTW, most of them on gunbroker are interstate and require they be shipped to an FFL.

 

[Obie1]

The bolded part is incorrect.

If you inherit something, its cost basis is its value when you inherit it, not zero. So if you sell you only pay tax on the appreciation since the date you inherited it, not on its total value. What the stuff cost new or what the benefactor paid for it is irrelevant.

e.g.: Your great aunt dies and leaves you her entire $2.3M gun collection. You sell it for $2,300,001. Because the cost basis is $2.3M (the value when she died) you only pay capital gains tax on the $1.

This is true for other assets, too: mutual funds, real estate, cash, cars, etc.

And, the federal exemption for inheritance tax is huge, like $13M per person ($26M for a couple) so the estate won't pay any federal tax unless the estate is very, very large. Massachusetts' estate exemption is relatively small at only $1M, but even then the max bracket for Mass estate taxes is 16% when estates get "pretty big", so it's mostly not an issue for most of us.


Another thing to consider is that if the IRS starts taxing us on every f***ing thing we sell, we'll start to see people classifying everything they sell for less than they paid for it (like at yard sales or craigslist or whatever) as a capital loss. That's going to eat into IRS revenue, and it's a path they don't really want to follow as it'll just make *EVERYONE* angry and reduce revenue. Sella $25k car for $3k? $22k of capital loss to balance out $22k of capital gain in the stock market (or real estate, or whatever)

There is talk almost every year of reducing the federal inheritance exemption; don't be surprised when that happens. MA has never indexed the inheritance tax to inflation, so the limit effectively gets lower and lower every year. And, MA includes all assets and all real property, not just that owned in the state. So, if your parents leave you a million dollar home in MA and a million dollar cottage on a lake in Minnesota, you owe the state $160,000 in taxes even though it may have been taxed in MN for many years.

 

[Dennis in MA]

I'm starting to think that all of these stupid laws are a plot to empty our legal coffers. Because you KNOW this one will get kicked mega-fast. It's just too stoopid on its face. "Yeah, one gun is a dealer." Ummmm, even liberal courts will laugh that into oblivion. Biden DOJ is on a mission to bankrupt gun owners through contributions to lawsuits.

 

[Joeldiaz]

I'm starting to think that all of these stupid laws are a plot to empty our legal coffers. Because you KNOW this one will get kicked mega-fast. It's just too stoopid on its face. "Yeah, one gun is a dealer." Ummmm, even liberal courts will laugh that into oblivion. Biden DOJ is on a mission to bankrupt gun owners through contributions to lawsuits.

That’s absolutely one aspect of their plan. The government has unlimited taxpayer dollars to fight any legal challenges. We don’t.

 

[MaverickNH]

Second Amendment Roundup: “He’s at It Again!”

Merrick Garland proposes ever-more intrusive ATF regulations.

reason.com

Halbrook has a point there…

"The new rule is calculated to require potentially hundreds of thousands of gun owners who occasionally buy and sell firearms to obtain dealer licenses from ATF...As the proposed regulations attempt to push more of the people into the dealer category, Second Amendment concerns arise."

 

[cathouse01]

Probably doesn't mean much, but at least some Senators are complaining.

GOP Senators Demand ‘Immediate Withdrawal’ of DOJ’s Proposed Gun-Control Regulation | National Review

‘This latest action by the Biden administration is yet another step in their campaign to attack law-abiding gun owners,’ seven Republican senators wrote.

www.nationalreview.com

 

[T-Unit]

I'm starting to think that all of these stupid laws are a plot to empty our legal coffers. Because you KNOW this one will get kicked mega-fast. It's just too stoopid on its face. "Yeah, one gun is a dealer." Ummmm, even liberal courts will laugh that into oblivion. Biden DOJ is on a mission to bankrupt gun owners through contributions to lawsuits.

That'd be like if someone had an unopened bottle of Glenlivet XXV they bought in the 90s, but they gave up alcohol a few years later and no longer wanted it, so they sold it to a friend now being in the liquor business.

 

[HARRYM]

Probably doesn't mean much, but at least some Senators are complaining.

GOP Senators Demand ‘Immediate Withdrawal’ of DOJ’s Proposed Gun-Control Regulation | National Review

‘This latest action by the Biden administration is yet another step in their campaign to attack law-abiding gun owners,’ seven Republican senators wrote.

www.nationalreview.com

Remember, the Left has stated that the SCOTUS is a MAGA court and should be ignored.

 

[ddeck]

I wrote my comment today. I suggest others read this and provide their comments on the subject (formal comment link is in the top right of the below link). It took about 45 minutes to read through the parts I believed were pertinent, compose an outline and write the comment.

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