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<blockquote data-quote="softtail103" data-source="post: 2450970" data-attributes="member: 18466"><p>Thank you for helping push your FEAR of the IRS. Rough numbers. You sell your rifle for $1400.00, you paid $1200.00. Net profit $200.00. Assume you are at the average American tax payer 13.29%. $200.00 x 13.29%= $16.58. Is this that much of a hassle? You would be one of the rare people who makes a profit selling your personal guns. Correction on your 'the burden of proof is on the tax payer" not correct. The IRS must determine that the value you placed on your sale is beyond the current market value. You can not write off your loss on a hobby. In short you have to make a net profit on what you sell. If this is the case maybe you should open a legitimate business and pay your taxes.</p></blockquote><p></p>
[QUOTE="softtail103, post: 2450970, member: 18466"] Thank you for helping push your FEAR of the IRS. Rough numbers. You sell your rifle for $1400.00, you paid $1200.00. Net profit $200.00. Assume you are at the average American tax payer 13.29%. $200.00 x 13.29%= $16.58. Is this that much of a hassle? You would be one of the rare people who makes a profit selling your personal guns. Correction on your ‘the burden of proof is on the tax payer” not correct. The IRS must determine that the value you placed on your sale is beyond the current market value. You can not write off your loss on a hobby. In short you have to make a net profit on what you sell. If this is the case maybe you should open a legitimate business and pay your taxes. [/QUOTE]
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