 65fsbk
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Joined: Jan 2008  AZ, USA
 Posts: 366 Feedback: 100% (55) |
Posted: 8/16/2012 10:43:14 PM
THE IMAGE ABOVE IS A PAID ADVERTISEMENT |
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Posted: 8/17/2012 12:03:56 AM
Depending on the state you live in and what type of trust you have you do have to pay tax on any income that is produced. Sometimes it's reported n your personal return other times (depending on the trust) the trust may need to file. Example of producing income... you put a NFA MG in the trust and 5 years later you sell it for 10x what you paid. The "income" is the net gain (selling price - price you paid). If you only are a "stamp collector" no income is ever produced therefore no tax liability.
Not a lawyer so take it as you will.  |
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Posted: 8/17/2012 12:06:00 AM
Originally Posted By jpk33:
Depending on the state you live in and what type of trust you have you do have to pay tax on any income that is produced. Sometimes it's reported n your personal return other times (depending on the trust) the trust may need to file. Example of producing income... you put a NFA MG in the trust and 5 years later you sell it for 10x what you paid. The "income" is the net gain (selling price - price you paid). If you only are a "stamp collector" no income is ever produced therefore no tax liability. Not a lawyer so take it as you will. Makes complete sense to me. Just a stamp collector here.  |
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Posted: 8/18/2012 8:52:09 AM
My lawyer that created my trust in OH is an IRS and estate specialties. Told me my trust would be a tax write off due to estate planning. Hell even told me the stamp tax could be a write off. If I get mine this year, I will see what I can do with my accountant.
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TeeRex
Aspiring Stamp Collector
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Joined: Oct 2009 OH, USA
 
Posts: 7016 Feedback: 100% (2) Link To This Post |
Posted: 8/18/2012 8:56:05 AM
Originally Posted By LuxorDeathbed: My lawyer that created my trust in OH is an IRS and estate specialties. Told me my trust would be a tax write off due to estate planning. Hell even told me the stamp tax could be a write off. If I get mine this year, I will see what I can do with my accountant. You can't write the stamp off. |
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andrasik
Sunday morning metal head
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Joined: Jul 2006 KS, USA
Posts: 23591 Feedback: 100% (15) Link To This Post |
Posted: 8/19/2012 11:34:24 AM
Originally Posted By TeeRex:
Originally Posted By LuxorDeathbed:
My lawyer that created my trust in OH is an IRS and estate specialties. Told me my trust would be a tax write off due to estate planning. Hell even told me the stamp tax could be a write off. If I get mine this year, I will see what I can do with my accountant. You can't write the stamp off. Correct. |
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Posted: 8/19/2012 12:03:27 PM
This is why it's a really, really good idea to keep your other estate items out of your NFA trust.
Trusts are tricky, tax-wise. But it shouldn't be a problem with the appreciation you'll see on a couple firearms. If you owned a great deal of real estate, it might be a different story. Trusts can be tax exempt, tax deferred, or taxed. It depends on the type of trust, it's purpose, and the dollar amount we're talking about. And yes, state laws vary. Check yours to be sure. For most of us with a few weapons and a couple cans in their own trust, it's not an issue. Az |
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