45Doll 5,887 Posted September 1, 2023 Pirate. ATF Goes Around Congress: Publishes Universal Background Check Rule (breitbart.com) Quote Share this post Link to post Share on other sites
Displaced Texan 11,768 Posted September 1, 2023 That’ll get shut down. Quote Share this post Link to post Share on other sites
JackDaWack 2,895 Posted September 1, 2023 This one will be interesting to say the least. I wonder how the IRS will deal with all these "in the business" vs "hobbiests" identifying factors the ATF is trying to designate. AFAIK, the IRS determines these factors, not the ATF. They have a lot of rules etc that need to be met. Other than forcing these people to get an FFL they will hand them a whole bunch of tax exclusions, deductions and expenses? lol... This will be a fun one to watch. Quote Share this post Link to post Share on other sites
45Doll 5,887 Posted September 1, 2023 More on this. Biden’s ATF Continues Its War on Gun Dealers – PJ Media Team Biden Continues Two-Pronged Assault on 2nd Amendment and Small Businesses – PJ Media Quote Share this post Link to post Share on other sites
voyager9 3,440 Posted September 1, 2023 Then there is this beaut: Proposed rule to report ammo to local FD They probably saw the historical restrictions related to black powder and fire codes and thought they could apply it to ammo and magazines too. Good grief. Good thing nothing I have is “explosive” as ammo using modern powder does not meet the legal definition of explosive, unlike black powder. Quote Share this post Link to post Share on other sites
Xtors 334 Posted September 4, 2023 So maybe this is a dumb question but all the talk about "for profit" has me wondering. If I buy a new firearm X for $600 and turn around sometime later (maybe the time gap is relevant, I don't know) and sell it for $500 I am NOT making a profit. It's a $100 loss. As such, no BC needed. Quote Share this post Link to post Share on other sites
silverado427 10,791 Posted September 4, 2023 I wonder if I can write my loss of on my taxes Quote Share this post Link to post Share on other sites
Displaced Texan 11,768 Posted September 4, 2023 6 minutes ago, silverado427 said: I wonder if I can write my loss of on my taxes And does your gun value need to be depreciated? Quote Share this post Link to post Share on other sites
JackDaWack 2,895 Posted September 4, 2023 6 hours ago, silverado427 said: I wonder if I can write my loss of on my taxes If the ATF thinks youre "in business" and simply not "in the hobby"... you can start writing off your "home office" and a percent of utilities. Quote Share this post Link to post Share on other sites
Mr.Stu 1,930 Posted September 5, 2023 On 9/1/2023 at 3:37 PM, voyager9 said: Then there is this beaut: Proposed rule to report ammo to local FD They probably saw the historical restrictions related to black powder and fire codes and thought they could apply it to ammo and magazines too. Good grief. Good thing nothing I have is “explosive” as ammo using modern powder does not meet the legal definition of explosive, unlike black powder. This is talking about actual explosives and the rule change is only that instead of only giving notice when storage commences, it must be resent on an annual basis while explosives are still stored there. The place where explosives are stored is called a magazine. This is a different definition to a magazine used to feed ammunition into a firearm. Quote Share this post Link to post Share on other sites