In 2009 I bought a $200 stamp for an NFA transfer. Is that money deductible from my federal taxes?
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Tax question
- Thread starter EddieCoyle
- Start date
Looks like no if stamp tax is what I think it is (and not a tax at the post office).
From http://www.irs.gov/taxtopics/tc503.html
"Taxes and fees you cannot deduct on Schedule A include Federal income taxes, social security taxes, stamp taxes, or transfer taxes on the sale of property, homeowner's association fees, estate and inheritance taxes and service charges for water, sewer, or trash collection. You may be subject to a limit on some of your itemized deductions including nonbusiness taxes. Please refer to the Form 1040 Instructions for the limitations based on the adjusted gross income."
From http://www.irs.gov/taxtopics/tc503.html
"Taxes and fees you cannot deduct on Schedule A include Federal income taxes, social security taxes, stamp taxes, or transfer taxes on the sale of property, homeowner's association fees, estate and inheritance taxes and service charges for water, sewer, or trash collection. You may be subject to a limit on some of your itemized deductions including nonbusiness taxes. Please refer to the Form 1040 Instructions for the limitations based on the adjusted gross income."
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You are better off asking that question over on Bower's board, has come up before. As I recall if you are "just" an individual the answer is a definate no, but I beleive if you are a SOT the answer is a "maybe"... I am neither a SOT or "tax guy" so I never paid much attention, after the No for us individuals...
one-eyed Jack
Manufacturer
The other question is what about the $500 yearly SOT? I just give all the info to my tax guy and let him figure it out. Jack.
If it is for business purposes, it is deductible. But if it is strictly for personal purposes, it is NOT deductible.
If you wouldn't be comfortable in front of an IRS auditor defending the deduction, don't do it. BTDT
If you wouldn't be comfortable in front of an IRS auditor defending the deduction, don't do it. BTDT
SemiAutoSam
Banned
EC Hell no.
You paid or more accurately discharged debt against a item you purchased from the treasury dept to engage in the ownership of what is considered a privileged act.
IE the GOV has determined in their ultimate wisdom that NFA items are not covered by the 2nd amendment.
And hence you paid for the privilege to own a NFA Weapon.
Have a read here if you need more splanin.
http://www.machinegun.com/nfarules.pdf
BTW EC where did you purchase this stamp from ?
Do you have it in your possession at present time ?
You paid or more accurately discharged debt against a item you purchased from the treasury dept to engage in the ownership of what is considered a privileged act.
IE the GOV has determined in their ultimate wisdom that NFA items are not covered by the 2nd amendment.
And hence you paid for the privilege to own a NFA Weapon.
Have a read here if you need more splanin.
http://www.machinegun.com/nfarules.pdf
BTW EC where did you purchase this stamp from ?
Do you have it in your possession at present time ?
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More importantly, EC what did you buy? ![[smile]](/xen/styles/default/xenforo/smilies.vb/001.gif "Smile [smile]")
The BATFE. I have it; it's stuck on my Form 4.
More importantly, EC what did you buy?
An FNC.
www.vintagepistols.com/docs/fnc.wmv
June4th
NES Member
While we're on the topic, a friend of mine suggested that since I sometimes entertain customers at a shooting range, using my own hardware. I could declare all my gun purchases as business expenses. I wouldn't push that far, but thought it was an interesting idea.
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Yeah, don't push that. Worse yet, if your business buys something then it becomes an asset if the business goes under.
Yes indeed. You can write of the expenses of going to the range: mileage, ammo, extra eyes and ears, targets, guest fees, maintenence of your firearms afterword and most likely your time involved.
