In 2009 I bought a $200 stamp for an NFA transfer. Is that money deductible from my federal taxes?
If you enjoy the forum please consider supporting it by signing up for a NES Membership The benefits pay for the membership many times over.
Be sure to enter the NES/MFS May Giveaway ***Canik METE SFX***
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."
In 2009 I bought a $200 stamp for an NFA transfer. Is that money deductible from my federal taxes?
BTW EC where did you purchase this stamp from ?
Do you have it in your possession at present time ?
More importantly, EC what did you buy?
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.
Yeah, don't push that. Worse yet, if your business buys something then it becomes an asset if the business goes under.