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Posted: 9/28/2022 1:13:03 AM EDT
[#1]
only the best firearms in ft lauderdale fl, call them first they buy for cash.
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Posted: 9/28/2022 1:22:17 AM EDT
[#2]
In my opinion Rock Island seems to have more bidders with stupid amount of money way overpaying compared to the bidders at Morphy's. (although Morphy has their high end sales as well)
If you want to pay $15K+ for a run of the mill M11/9 before sales tax and buyers premium are added (making it an almost $20K M11 all in) , Rock Island is the place for a high roller to overspend. That said, I don't know how those high RIA auction sales prices translate to dollars in the sellers pocket as I believe they also take a sellers percentage fee as well unless you have something super high dollar and rare. In terms of taxes, I would bet the ranch that both auction houses RIA and Morphy's submit a 1099-K to the IRS under the new reporting rules. Auction houses are listed as Third party settlement organization in their FAQs. https://www.irs.gov/pub/irs-utl/irdm_section_6050w_faqs_7_23_11.pdf I suspect the Auction houses will report the gross proceeds distributed to a seller to the IRS via a 1099-K. It will then be up to the seller to have proof of asset cost basis, calculate capital gains owed, and report those capital gains on a 1040 Schedule D. You will be responsible for taxes on the gains at either the lower of either your person marginal tax rate or the collectibles capital gains tax rate (28%) Good luck with your sales. |
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Posted: 9/28/2022 10:25:02 AM EDT
[#3]
Quote HistoryQuoted: only the best firearms in ft lauderdale fl, call them first they buy for cash. there is Frank, and Rubin. I am sure there more and newer guys. You are right a phone or email to touch base is free |
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Posted: 9/28/2022 10:29:17 AM EDT
[#4]
Quote HistoryQuoted: In my opinion Rock Island seems to have more bidders with stupid amount of money way overpaying compared to the bidders at Morphy's. (although Morphy has their high end sales as well) If you want to pay $15K+ for a run of the mill M11/9 before sales tax and buyers premium are added (making it an almost $20K M11 all in) , Rock Island is the place for a high roller to overspend. That said, I don't know how those high RIA auction sales prices translate to dollars in the sellers pocket as I believe they also take a sellers percentage fee as well unless you have something super high dollar and rare. In terms of taxes, I would bet the ranch that both auction houses RIA and Morphy's submit a 1099-K to the IRS under the new reporting rules. Auction houses are listed as Third party settlement organization in their FAQs. https://www.irs.gov/pub/irs-utl/irdm_section_6050w_faqs_7_23_11.pdf I suspect the Auction houses will report the gross proceeds distributed to a seller to the IRS via a 1099-K. It will then be up to the seller to have proof of asset cost basis, calculate capital gains owed, and report those capital gains on a 1040 Schedule D. You will be responsible for taxes on the gains at either the lower of either your person marginal tax rate or the collectibles capital gains tax rate (28%) Good luck with your sales. There is a chunk of change |
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Posted: 9/28/2022 10:35:09 AM EDT
[#5]
Get a hold of Thunder Pumpkin Imports. TPIMPORTS.COM
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Posted: 9/28/2022 10:51:55 AM EDT
[#6]
Rock island for sure. You are gonna pay taxes out the butt no matter who sells em so you may as well get the most you can. RI has a history of people bidding way higher than what shits worth. They will advertise it better than all others as well. Don’t go with some guy who’s main advertising is word of mouth or FB.
There are a ton of folks in the NFA world who think they are “top of the game”, most are just minor players with an inflated sense of ego. Go with an established outfit. ETA: not saying I’m a big player but I have been in the “world” for almost 20th years. I’ve been out of the dealing NFA game for a bit now and don’t really want to get into it in a big way. It’s a pain and everything needs to be stored forever while the feds unfuck the paperwork. |
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Posted: 9/28/2022 3:56:45 PM EDT
[#7]
Why not list here and on Sturm first?
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Posted: 9/28/2022 4:12:13 PM EDT
[#8]
I have money.
What do you have and what are you asking. PM me |
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Posted: 9/28/2022 5:09:46 PM EDT
[#9]
Sturmgewehr.com.. Pay $20 for a year subscription and put them up for sale.
That's where I will be listing my Colt M16A1 this weekend. |
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Posted: 9/28/2022 5:27:12 PM EDT
[#10]
Quote HistoryQuoted:
I have never even heard about collectibles gains tax. I would be looking at $50,000 just in tax. There is a chunk of change So anything considered collectible isn't treated as a normal capital gain (like the sale of stock, real estate, etc.) So art, coins, stamps, etc. are taxed at a much higher percentage rate. Technically in all of the IRS publications I have read they never specifically list firearms as an example collectible, but I am not sure how you could ever argue that a machinegun sold at an auction isn't a "collectible" from a IRS tax perspective., when the auction catalog is listed as "July 2023 - Collectable Firearms Auction" and the monetary value of the firearms is 90%+ based off its collectable vs. intrinsic value. So instead of normal long term capital gains rates of 15% (or 20% if your taxable income is over $500K) collectables get hit with a tax of almost double normal capital gains rate. (assuming your overall marginal tax rate exceeds 28%) If you want to minimize your potential exposure to the IRS you are going to be looking for local sales which won't generate a 1099 and ideally the sale is completed in cash. |
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Posted: 9/28/2022 9:19:41 PM EDT
[#11]
Quote HistoryQuoted: Get a hold of Thunder Pumpkin Imports. TPIMPORTS.COM |
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Posted: 9/28/2022 9:23:46 PM EDT
[#12]
Quote HistoryQuoted: Rock island for sure. You are gonna pay taxes out the butt no matter who sells em so you may as well get the most you can. RI has a history of people bidding way higher than what shits worth. They will advertise it better than all others as well. Don't go with some guy who's main advertising is word of mouth or FB. There are a ton of folks in the NFA world who think they are "top of the game", most are just minor players with an inflated sense of ego. Go with an established outfit. ETA: not saying I'm a big player but I have been in the "world" for almost 20th years. I've been out of the dealing NFA game for a bit now and don't really want to get into it in a big way. It's a pain and everything needs to be stored forever while the feds unfuck the paperwork. That is the way I leaning |
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Posted: 9/28/2022 9:26:25 PM EDT
[#13]
Quote HistoryQuoted: Why not list here and on Sturm first? Quote HistoryQuoted: Why not list here and on Sturm first? Quoted: Sturmgewehr.com.. Pay $20 for a year subscription and put them up for sale. That's where I will be listing my Colt M16A1 this weekend. |
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Posted: 9/28/2022 9:30:41 PM EDT
[#14]
Quote HistoryQuoted: I have money. What do you have and what are you asking. PM me I may post them in the EE for a short time (7day) before I ship them off and add a link in this thread if that is allowed. That way eveyone can get a fair shake before they are gone. |
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Posted: 9/29/2022 9:22:39 PM EDT
[#15]
Quote HistoryQuoted: I have money. What do you have and what are you asking. PM me this... |
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Posted: 9/29/2022 9:49:10 PM EDT
[#16]
Quote HistoryQuoted: this... Quote HistoryQuoted: Quoted: I have money. What do you have and what are you asking. PM me this... Same. I bet you could get the same you would get with auctions after fees, and from good dudes on here that are the most worthy of such items. I would look for long time.memebers with good feedback 
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Posted: 9/30/2022 3:48:59 PM EDT
[#17]
Whether you want go through an auction house or sell for yourself may depend on what your personal time is worth to you, and how much you like or dislike "the art of the deal". I suggest that you do some introspection, and act accordingly.
Best of luck. MHO, YMMV, etc. Be well. |
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Posted: 11/5/2022 10:32:50 PM EDT
[#18]
Screw capital gains and go private.
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Posted: 11/12/2022 8:49:43 PM EDT
[#19]
After a little more than a month of working after the hurricane I am back, everyone's good everything is good everything is safe.
I hope that was going to come up with some clarity, but I'm just gonna start contacting a few of the people I have touched base with him and see about going forward with the sale. I am re-falling in love with some of the guns while others I have just fallen out of love with. |
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Posted: 11/13/2022 3:12:29 AM EDT
[#20]
Here it says 28% long term collectible gain.
https://www.investopedia.com/articles/personal-finance/061715/how-are-collectibles-taxed.asp#:~:text=If%20collectibles%20are%20sold%20at,for%20one%20year%20or%20less. Given the IRS is tracking transactions over $600 now, I doubt any business or auction house is going to not report it. Only way to get out of the taxes legally is to drop dead and let your kin inherit the guns as the basis value resets at time of death. This would also solve your housing issue. |
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Posted: 11/18/2022 12:13:32 PM EDT
[#21]
From what I read on another firearms website, at the recent Morphy auction a number (many?) of the machine guns did not even sell for the low end of the estimated pricing. And at a different firearms website it was reported that at a recent estate sale, some machine guns sold at about 2/3rds of expected prices. It appears that Brandon's recession has crept beyond the housing market. The time to sell a machine gun may have been last year.
Which reminds me of a riddle: What's the difference between a recession and a depression? Ans.: A recession is when your neighbor is laid off; while a depression is when you're laid off. MHO, YMMV, etc. Be well. |
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Posted: 11/20/2022 11:35:53 PM EDT
[#22]
Quote HistoryQuoted: there is Frank, and Rubin. I am sure there more and newer guys. You are right a phone or email to touch base is free Came here to say this, bought from both and had a great experience |
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Posted: 11/21/2022 6:39:30 PM EDT
[#23]
I dont know how to enquire about the ones you are tying to sell without triggering some Arfcom action but I'm looking for just a few additions.
Is it OK to PM me with what you are selling or can I post up my want list here ? Auctions make EVERYONE pay more or get less. And an individual will pay more than a dealer IMO. |
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Posted: 11/23/2022 7:27:37 AM EDT
[#24]
I sold a M16a1 to Felix at Gun Point in Bradenton Fl this year. He paid me a very fair price and was a good guy to work with.
dmtsc |
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Posted: 11/24/2022 11:03:02 PM EDT
[#25]
Quote HistoryQuoted: From what I read on another firearms website, at the recent Morphy auction a number (many?) of the machine guns did not even sell for the low end of the estimated pricing. The only 2 that didn’t bring at least the low estimate (at least when you add in the 20% buyers premium) was a PPD 40 that low estimate was $40K and brought $38K and a consecutive pair of Thompsons. I agree though that private sales are they way to maximize your return. Dealers are buying to resell and make a profit and nothing wrong with that just not going to get the highest price and auctions charge a fee to the seller and the buyer. I bought a gun at the latest Morphy’s but took into account the 20% buyers premium plus the 6% sales tax they were charging me. So think of it as the seller got 26% less from me and whatever they charged the seller to sell it. |
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Posted: 11/30/2022 4:14:51 PM EDT
[#26]
Quote HistoryQuoted: Rock island for sure. You are gonna pay taxes out the butt no matter who sells em so you may as well get the most you can. RI has a history of people bidding way higher than what shits worth. They will advertise it better than all others as well. Don’t go with some guy who’s main advertising is word of mouth or FB. There are a ton of folks in the NFA world who think they are “top of the game”, most are just minor players with an inflated sense of ego. Go with an established outfit. ETA: not saying I’m a big player but I have been in the “world” for almost 20th years. I’ve been out of the dealing NFA game for a bit now and don’t really want to get into it in a big way. It’s a pain and everything needs to be stored forever while the feds unfuck the paperwork. Does the Seller pay a premium at Rock Island? If so, how much? |
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Posted: 11/30/2022 4:33:36 PM EDT
[#27]
Quote HistoryQuoted: Does the Seller pay a premium at Rock Island? If so, how much? Quote HistoryQuoted: Quoted: Rock island for sure. You are gonna pay taxes out the butt no matter who sells em so you may as well get the most you can. RI has a history of people bidding way higher than what shits worth. They will advertise it better than all others as well. Don't go with some guy who's main advertising is word of mouth or FB. There are a ton of folks in the NFA world who think they are "top of the game", most are just minor players with an inflated sense of ego. Go with an established outfit. ETA: not saying I'm a big player but I have been in the "world" for almost 20th years. I've been out of the dealing NFA game for a bit now and don't really want to get into it in a big way. It's a pain and everything needs to be stored forever while the feds unfuck the paperwork. Does the Seller pay a premium at Rock Island? If so, how much? but they will go down to 17% Fairly easily, I asked for 15% and he said he would have to talk to a manager. |
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Posted: 12/10/2022 2:59:58 PM EDT
[#28]
rock island has absolutely the worst seller fee's of any place.
Poulin by far is better on nice collections, sellers fee can be ZERO % |
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Posted: 12/11/2022 12:50:49 PM EDT
[#29]
If the collection is big enough you can negotiate Morphy to zero %.
However they dropped a 1921 Colt 100 round drum denting it which reduced the vale from 20K to 8K day of auction. I shipped it in great condition. Moral of the story; Take meticulous high resolution pics of everything before you send it. |
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Posted: 12/27/2022 8:14:01 PM EDT
[#30]
The $600 1099 is going to get delayed by a year it appears.
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Posted: 12/28/2022 12:21:55 AM EDT
[#31]
Quote HistoryQuoted: ...However they dropped a 1921 Colt 100 round drum denting it which reduced the vale from 20K to 8K day of auction. I shipped it in great condition... ^^^This^^^ is the stuff of nightmares. 
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Posted: 12/28/2022 12:43:56 PM EDT
[#32]
If you would have had pics of the drum, I wonder if or how they would have worked out an insurance adjustment on the price
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Posted: 12/29/2022 11:12:53 AM EDT
[#33]
Quote HistoryQuoted: there is Frank, and Rubin. I am sure there more and newer guys. You are right a phone or email to touch base is free I've bought twice from Ruben, hes a cool dude I'd deal with him |
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Posted: 12/29/2022 11:14:32 AM EDT
[#34]
Quote HistoryQuoted: Sturmgewehr.com.. Pay $20 for a year subscription and put them up for sale. That's where I will be listing my Colt M16A1 this weekend. I looked at prices this morning (first time in a while) cause I wanted to sell my sp1 conversion for a M16A1, looks like I missed the boat $$$ 
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Posted: 1/6/2023 10:24:57 PM EDT
[#35]
You bought them for cash a long time ago for close to current market value.
Why would you pay $50k in taxes? |
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Posted: 1/7/2023 5:33:18 PM EDT
[#36]
I just sold two MGs to Vito at only the best. Transactions went great got a a fare price(more than any other dealer was offering) he paid shipping and the $200 transfer tax.
I would definitely consider him before any auction house. |
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Posted: 1/14/2023 4:13:05 PM EDT
[#37]
Quote HistoryQuoted: I sold a M16a1 to Felix at Gun Point in Bradenton Fl this year. He paid me a very fair price and was a good guy to work with. dmtsc When I see posts like this I cry because I bet I would have paid the same or more :( Out of curiosity, if you see this and are willing, can you IM what you took for it? |
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Posted: 1/15/2023 4:40:15 PM EDT
[#38]
Quote HistoryQuoted: When I see posts like this I cry because I bet I would have paid the same or more :( Out of curiosity, if you see this and are willing, can you IM what you took for it? Sent you IM, make sure you respond back. |
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Posted: 1/15/2023 6:30:34 PM EDT
[#39]
Quote HistoryQuoted: When I see posts like this I cry because I bet I would have paid the same or more :( Out of curiosity, if you see this and are willing, can you IM what you took for it? Same. Always looking to buy. |
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