Armory Sponsor
Posted: 5/5/2010 6:33:43 AM EDT
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If I buy a gun for myself (personal collection) do I have to log it in to the bound book, and then out? Or can I just buy it like any Joe Blow. I know I can sell my own collection like a private (non-ffl) if it's been in my possession for over a year. I just don't remember/can't find the answer on me buying a gun.
Thanks for your patience with me on this one 
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Depends if you're a Sole Prop. or a Corp. If a Sole Prop then you just log it out to yourself, if you're a corp. you get to do a 4475 since the corp is the FFL not you. This. We are a LLC so when I buy a gun I get to run a NICS check on myself..  My husband and I are both members of the LLC so we run the check on each other. |
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Are you buying it from an individual?
I thought if you were buying FTF for your own collection and not for resale, it was just like Joe Blow. Cash and carry , no 4473 or log books. The only hang up if I remember right was if it was at your store front. But I have slept since then. |
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You're willing to risk your FFL for $30 in sales taxes, that doesn't sound like a good idea to me. Another way is cash transactions, that's all I'm saying. No I'm not going to risk that, just asking. I knew that I was going to be selling some of my personal collection to invest in the start up, so I asked the IOI's and they said if they have been in your collection for over a year I could just sell them without the 4473's etc...if it is in a gray area to buy used guns this way then I will avoid it. Thanks for putting up with me. |
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You can buy person to person in a private transaction, since you don't actually hold an FFL, the S-Corp does.
I'd recommend you do your personal transactions away from your business premises, and regulations require you to keep your personal firearms either stored separately, or CLEARLY marked as not being FFL inventory items if you have them around the corp's business premises. For what it's worth, you generally still owe USE tax on even a private purchase, where no sales tax was paid. Where things concern my FFL and inventory items, I always report and pay the use tax on inventory items converted for personal use, but maybe that's just me. |
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You can buy person to person in a private transaction, since you don't actually hold an FFL, the S-Corp does. I'd recommend you do your personal transactions away from your business premises, and regulations require you to keep your personal firearms either stored separately, or CLEARLY marked as not being FFL inventory items if you have them around the corp's business premises. For what it's worth, you generally still owe USE tax on even a private purchase, where no sales tax was paid. Where things concern my FFL and inventory items, I always report and pay the use tax on inventory items converted for personal use, but maybe that's just me. that sounds like pretty sound advice. thanks |
| I believe that if you are buying the weapon for personal use, and not for resale, it is not bound to be covered by your FFL............if you are buying the gun to sell later, then you need to use the FFL. If you are using the FFL to have the gun shipped to you, then treat it as any other transfer. No tax required. If you are paying for the gun with funds from your shop, then you may want to keep track of it and pay any taxes involved. If you are sending funds from you personal accounts or cash..............I don't know anyone that pays USE tax on stuff they buy on the internet from other states. For your business, as you are likely to be checked out, you will want to pay the use tax. |
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Use Tax is mainly for consumables such as fuel, tires and ammo for some uses and only subject to Use Tax if sales tax is not remitted. Nope. Few, if any states limit use taxes to consumables. Missouri requires the payment of use tax on the storage, use OR consumption of tangible personal property. http://dor.mo.gov/tax/business/sales/#sales |
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Use Tax is mainly for consumables such as fuel, tires and ammo for some uses and only subject to Use Tax if sales tax is not remitted. Nope. Few, if any states limit use taxes to consumables. Missouri requires the payment of use tax on the storage, use OR consumption of tangible personal property. http://dor.mo.gov/tax/business/sales/#sales Thanks for the link, I haven't had to mess with Use Tax, so it has been awhile since I've read the statute. |
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