Buying a used gun from a friend, what do i have to do?

[Ranb]

If I was selling a gun, then I would download a copy of form 4473 and have it filled out and keep it in case the gun was traced back to me.

Ranb

 

[Stomper]

As to "informing the IRS".... well, I suppose that might be a requirement.... but who's to say the true value of the work, other than yourself? Oh, futzed with the confuser for a while, maybe worth ten bucks...... besides, hey, you haven't really profitted until you've sold the pistol to someone else for cash. If I have one gun, you have another, and we swap, who profitted? Should HE report to the IRS the value of the repair work recieved? No, he lost a gun in the deal, how die HE profit? No, save the taxes for a REAL increase

LOL... well IF you were to ask an IRS agent if ANYTHING or ANY sort of transaction (barter or otherwise) is taxable.. .they will ALWAYS say... YES!!

 

[Tactical SS]

I bought one from a friend last year, he bought it without paperwork from one of his friends estate sales (original), I bought it from that guy with no paper work. Last time this rifle was on paper work was like the 70's when it was first purchased.

 

[Redcap]

I bought one from a friend last year, he bought it without paperwork from one of his friends estate sales (original), I bought it from that guy with no paper work. Last time this rifle was on paper work was like the 70's when it was first purchased.

As it should be.

 

[shelt]

actually, even a bill of sale is not necessarily needed for your protection IF you are the seller. All you need to do is make a record of the gun's serial number, make model and calibre, and the name of the guy who bought it with a statement that HE claims he is not a felon or otherwise debarred the use of arms. That way, if the man in the blue suit comes round knocking on your door, you can tell him to whom you sold it and when. IF you can find the piece of paper......

if buying, the smaller the paperwork load, the better. My favourite scenario is "here's the gun, here's the money", shake hands and both disappear into the sunset. Or, drop the cash on the table, pick up the gun and walk. He picks up the cash. NO legal requirement for anything further.....

As to "informing the IRS".... well, I suppose that might be a requirement.... but who's to say the true value of the work, other than yourself? Oh, futzed with the confuser for a while, maybe worth ten bucks...... besides, hey, you haven't really profitted until you've sold the pistol to someone else for cash. If I have one gun, you have another, and we swap, who profitted? Should HE report to the IRS the value of the repair work recieved? No, he lost a gun in the deal, how die HE profit? No, save the taxes for a REAL increase

Bah! IRS can suck an egg. I was only concerned about whether or not it had to be registered or anything like that.

When I feel our government truly works in my best interest, I will gladly volunteer every taxable penny I owe to them. Until that day, no dice.

 

[pokobt]

Hey- well said! If original new purchase was done by me, I do a simple bill of sale, that I keep. If I am buying/trading used stuff privately- then no paperwork- minimize info out there.