Obama Care, And Gun Sales

[Corjack]

I was just talking to one of my gunshop friends, he informed me that effective the first of the year, if you sell a gun to a licenced gun dealer, and it is over 600.00, the dealer will have to get your social security number, and submit a 1099 form to the IRS, and it will be considered taxable income. He said he was told this was in the healthcare bill signed into law. He did not think sales to non dealers would be covered in this. I think this is way out of line, now you will need to get and keep reciepts on all firearms you buy, or else you will have to pay income tax on the total amount of the sale price, unless you can prove what you gave for it. This will also slow sales to dealers, as people will not want to pay income tax on guns they sell to dealers.

I wonder how many other little bullshit laws were hidden in the umpteen thousand pages of law, inside this horrible piece of legislation.

Does anyone else have any insights into this BS?

[retrieverman]

I have never sold a gun in my life...

[thechamp]

I hadn't heard of it and from doing a quick search I did see where one organization was putting this info out. I'm thinking until we verify it from one of the board members that also has a gun shop that we not get too upset over it. I wouldn't put it past our wonderful government to do something like this but you'd think there'd be more information available already. Jan 1 isn't far away. I'll do some more looking around though.

[dinsdale]

I have never sold a gun in my life...

Nor have I.....

[thechamp]

Did a bit more research and it appears that the legislature is convinced that Americans are tax cheats.... (those in DC are for sure!) Anyway the law appears to have been written to make businesses account for as much of their inventory as possible and that crosses over to individuals if you sell a business merchandise. It isn't specifically related to gun sales. The intention of the law is for vendors (or anyone who sells items to a retailer) to have to claim the sale as income and as Ron indicated in order to NOT pay income tax on the item they'll need to file it on their tax return and have a copy of the invoice where they bought it to show that they didn't make any money on the sale or quite possibly lost money on it. While it appears to be the 'law' soon it will make life a living hell for all small businesses who buy their products from the community or any business vendor. This does apply when the combined sales reach $600 or more in one year...

As an example lets assume that you have a garden and made a bumper crop of vegetables. You have more than you can personally use and decide to harvest the excess and sell it to the local home town grocery store. They will have to sign you up as a vendor and 10-99 you on the produce you sell them. So other than a few mickey mouse deductions for seed, fertilizer, etc., you'll be paying income tax on the veggies you sold.

There is a organization that is trying to rally the people to bitch to congress to stop this stupidity. Personally I don't think they have a snow ball chance in hell of stopping it until some time AFTER it is in effect and businesses and citizens see what kind of mess they've created. It's' all about the almighty dollar and the democrats want all they can lay their greasy paws on. If the businesses go by the letter of the law and you sell them a rifle or scope they'll have to 10-99 you to be in compliance. Before they could write you a check and use the check as their proof of purchase. That was fine but it didn't hold the seller responsibile to account for his sale in the event he/she made money on the item. There is an interesting angle that could bite Uncle $$ in the A$$. If you buy a $3700 Blaser and a couple years later sell it to the local dealer for $2,000 are you going to be allowed to write off the loss? If you have to claim it as income I would think that you could then claim the loss. Are we then also going to be able to depreciate them while we own them? Lots of issues that can be raised if they go through with this.

Point is the government is getting SO greedy that it's trying to close any loophole that allowed a person who really isn't in business to even make a few bucks wtihout them getting their share. This is getting absolutely ridiculous...

[BLASERNUT]

Wonder if this applies across state lines

[thechamp]

Wonder if this applies across state lines

I would assume that it does. The US Legislature is the one that dreamt this crap up. I see this as one big mess for the businesses and the consumers. We really need to throw the demos under the bus and back up over them a few times to make sure they don't get back up!

[papabear]

OK, lets see if I got this right. I'm getting a little age on me and it is time to start thinking of thinning the herd. I HAVE ALREADY PAID TAXES on the money that I spent on the arsenal, so now I sell a few and get to pay taxes a second time on the same money! This doesn't make sense. The few exceptions I can think of off the top of my head would be professional hunters, guides, gun writers under some circumstances (rare,) and law enforcement, ranchers, farmers and others who can presently write firearms off as tools of the trade. They may not have paid taxes on the gun money. For the rest of us it sounds like double taxation. I object!!!! Jack

[Corjack]

OK, lets see if I got this right. I'm getting a little age on me and it is time to start thinking of thinning the herd. I HAVE ALREADY PAID TAXES on the money that I spent on the arsenal, so now I sell a few and get to pay taxes a second time on the same money! This doesn't make sense. The few exceptions I can think of off the top of my head would be professional hunters, guides, gun writers under some circumstances (rare,) and law enforcement, ranchers, farmers and others who can presently write firearms off as tools of the trade. They may not have paid taxes on the gun money. For the rest of us it sounds like double taxation. I object!!!! Jack

Objection is futile, you will be taxerated !

[thechamp]

OK, lets see if I got this right. I'm getting a little age on me and it is time to start thinking of thinning the herd. I HAVE ALREADY PAID TAXES on the money that I spent on the arsenal, so now I sell a few and get to pay taxes a second time on the same money! This doesn't make sense. The few exceptions I can think of off the top of my head would be professional hunters, guides, gun writers under some circumstances (rare,) and law enforcement, ranchers, farmers and others who can presently write firearms off as tools of the trade. They may not have paid taxes on the gun money. For the rest of us it sounds like double taxation. I object!!!! Jack

You got it. Called screwed taxation if you leave it up to the demos and IRS. Contact your legislators and start bitching. The squeaky wheel will get the grease. The left has been squeaking long enough. They need to be oiled...

In that same taxing vein, think about the house you bought. If you built it and bought the materials you paid for them with money you'd already been taxed on and then you paid sales tax on those materials. Now it's built and you pay the government taxes on it for the pleasure of living in YOUR home paid for with YOUR post tax dollars and sales tax dollars! My favorite argument is that if you have a $200,000 home in San Antonio you will pay roughly $7,000 a year in property taxes. If you have $200,000 in the bank you pay NO tax on the capital, only on the earned interest it were to acrue. How in the hell did we get this screwed up? While I object to taxation of all property I can at least half way see property that is used to run a business or that produces income. A house produces NO income, only expenses and if you maintain it nicely or add to it they'll add more tax value and screw you even more.

A pure and simple sales tax would be fair. Those with a lot of money will always spend more than the one with little money. They would pay sales taxes on what they buy and everything would be as fair as we could hope for it to be. The income tax system is set to punish those who succeed and reward those who fail. At least with the sales tax the evil 'rich' would have the option to sit on their money and not spend it - which I gurantee you they will not do. The objective of being wealthy or at least better off than the masses is to enjoy the finer things in life. So of course they're going to spend money which generates jobs and employment for others.

[papabear]

I do intend to voice my opinion=and loudly- to the entire Texas delegation and to other select persons , ie: POTUS (or is that POS?), queen Nancy, Dingy Harry. I thought Pelosi's statement That "we need to pass this bill so we can see what is in it" was rediculous at the time. As it turns out, I don't think she really had a clue-as usual. Jack