Anyone every thought.....How to sell your entire Reloading Setup & Supplies......

[brian11]

Big problem Federal Government has stepped in on January 1, 2022....GunBroker will send you a 1099 for your 2022 Income Tax for any amount over $600 for the year....so you are going to pay income tax weather you make or loose money on selling....

https://support.gunbroker.com/hc/en-us/articles/360051436174-Sales-Tax

Also GunBroker has a fee they charge the Buyer on every sale.....

I sell regularly on GB and had not heard that. The article quoted is strictly about STATE SALES tax and says nothing about IRS, Feds, or 1099s. Are you possibly mistaken about the $600 & 1099s, or did you mean to quote a different article? It seems to me that, if GB had made ths change, they would have notified me about it. There was talk last year about *** Obiden wanting to get IRS involved in all money exchanges of $600 or more, but AFAIK that absurd idea died long ago.

 

[osprey176]

I work at local gun shows with a guy who does store close outs and estate sale buy outs for reloading supplies and equipment. He often posts videos,like one he did this week,of items that came in from a buy out.He received a bunch of big bore molds that were from an estate sale,and in very good shape. He sells at shows,and has a retail store,where he also sells manufactured ammo and components. He's about twenty years younger than me,and if my sons don't show any interest in reloading,he'll probably sell of my stuff when my time comes. We have seven kids,and all enjoy shooting,so my guns will all have a home when I'm gone,and will be appreciated ,but none live near me to learn how to load,unfortunately.

 

[WildRose]

I

Just the other day a friend asked me how much it cost to reload? He wanted to save money on ammo.He is not a competitive shooter.I said man you ain't saving any money by reloading Ya just get better ammo to fit your gun.
He asked how much have I spent on all my reloading stuff? I have in the neighborhood of $50K .n reloading and that's probably a conservative number.
I doubt you would ever get half of it back in selling it in a bulk form Longtine88.. People never want to pay a good price on anything used unless its a winning race horse..lol

We used to figure about a 5-7 year return on investiment into a basic reloading setup for guys who shoot more than a few boxes of shells a year.

Today that would probably take 3 times that amount of time.

You're right, today it's more about having the best ammo you can get your hands on to feed your rifle and to have ammo when nobody else can find any on the shelves.

 

[backwoodsshooter]

hah, i lost roughly $2000 worth when i went through my divorce.

been working it back up and actually surpassed since then.

even bought my first dillon press lol

 

[MOOSE39465]

I'm gonna enjoy my reloading stuff until the day I die. What my kids do with it after I'm gonna is own them. It's only stuff.

 

[cornshank]

Big problem Federal Government has stepped in on January 1, 2022....GunBroker will send you a 1099 for your 2022 Income Tax for any amount over $600 for the year....so you are going to pay income tax weather you make or loose money on selling....

https://support.gunbroker.com/hc/en-us/articles/360051436174-Sales-Tax

Also GunBroker has a fee they charge the Buyer on every sale.....

I wonder if it will be all online sales over 600.00 ?
I heard pay pal is doing it for 2021? I could be wrong .

 

[cornshank]

I sell regularly on GB and had not heard that. The article quoted is strictly about STATE SALES tax and says nothing about IRS, Feds, or 1099s. Are you possibly mistaken about the $600 & 1099s, or did you mean to quote a different article? It seems to me that, if GB had made ths change, they would have notified me about it. There was talk last year about *** Obiden wanting to get IRS involved in all money exchanges of $600 or more, but AFAIK that absurd idea died long ago.

I'm not sure either , I thought anything over 600.00 was taxable income ? I still could be wrong . Thanks

 

[tonyf3]

I've been selling periodically if I'm not using certain tools or calibers i won't shoot anymore. In the event my kids don't want to carry on with my stuff there is a note in the safe telling them to "do you homework before selling anything". If they sold everything for what they think i paid for it you'd get one heck of a deal.

 

[Troutslayer2]

I'd be happy to wheel some of you heirless old timers out into the woods for some hunting and fishing in exchange for writing me into your wills. Let's make a deal? I'll be in the same boat someday. No kids and the collection is getting pretty respectable. Hopefully some friend's kid will help me haul elk off the mountains when I can't do it anymore and I can return the favor by setting them up.

 

[NDAR15MAN]

Yes a very big problem with the tax man. I know 3 guys that are in their mid 70's that own over 300 firearms each. They told me the average on all of the guns would be around $600.00 each. Unreal. dozens of the Smith Wesson and Browning pistols they paid $150.00 each for.
They have been collecting since they were 13 years old.
All of them have no family or 1 or 2 kids that dont even hunt ( Their kids are 50 years old ) . Grandkids dont want the guns just interested in other things. 1 guy has talked to a big auction company after commissions and then needing to report the taxes because the auction company reports it on their side he will get 50 -60 % of the going high prices if he was to sale them all at once at a auction best to sale them 1 at a time but would take couple years to do it he was thinking and that is going hard trying to beat the auction commissions and tax man. all cash sales. if we are going to sale out now , right now is the time to do it but 1 gun at a time and cash sales only. Marty

 

[cornshank]

I'd be happy to wheel some of you heirless old timers out into the woods for some hunting and fishing in exchange for writing me into your wills. Let's make a deal? I'll be in the same boat someday. No kids and the collection is getting pretty respectable. Hopefully some friend's kid will help me haul elk off the mountains when I can't do it anymore and I can return the favor by setting them up.

I hope you find the right deserving young person , and I would love to see the smile on both your faces ,if you do.

 

[cornshank]

Yes a very big problem with the tax man. I know 3 guys that are in their mid 70's that own over 300 firearms each. They told me the average on all of the guns would be around $600.00 each. Unreal. dozens of the Smith Wesson and Browning pistols they paid $150.00 each for.
They have been collecting since they were 13 years old.
All of them have no family or 1 or 2 kids that dont even hunt ( Their kids are 50 years old ) . Grandkids dont want the guns just interested in other things. 1 guy has talked to a big auction company after commissions and then needing to report the taxes because the auction company reports it on their side he will get 50 -60 % of the going high prices if he was to sale them all at once at a auction best to sale them 1 at a time but would take couple years to do it he was thinking and that is going hard trying to beat the auction commissions and tax man. all cash sales. if we are going to sale out now , right now is the time to do it but 1 gun at a time and cash sales only. Marty

Yeah, that 50 to 60 % seems to be what the few people I have delt with will pay , then of course they make a good profit on the resale.

 

[coyote wacker]

I sell regularly on GB and had not heard that. The article quoted is strictly about STATE SALES tax and says nothing about IRS, Feds, or 1099s. Are you possibly mistaken about the $600 & 1099s, or did you mean to quote a different article? It seems to me that, if GB had made ths change, they would have notified me about it. There was talk last year about *** Obiden wanting to get IRS involved in all money exchanges of $600 or more, but AFAIK that absurd idea died long ago.

It was $12'000 in 2021 now its $600 .....I received a Email from GunBroker late last year in 2021 explaining about the $600....also Gunbroker is charging a FEE to the buyer starting 2022....there going to hide it the best they can to keep buyers and not scare them away.....

Best thing to do is sell anything on a Board like we have here....give the Fed's some time they will figure out how to charge on a web site board also.....

 

[WildRose]

It was $12'000 in 2021 now its $600 .....I received a Email from GunBroker late last year in 2021 explaining about the $600....also Gunbroker is charging a FEE to the buyer starting 2022....there going to hide it the best they can to keep buyers and not scare them away.....

Best thing to do is sell anything on a Board like we have here....give the Fed's some time they will figure out how to charge on a web site board also.....

Actually they are two different things. If you make 12,000.
00 or more you have to file a return.

Under Obama a new reg was passed requiring anyone paying you 800.00 or more for anything to issue a 1099 so they could track the income people were not reporting.

It's now down to 600.00. If you don't report that income and get audited all they have to do is run your social and they'll get copies of all those 1099's at which time you can be fined, penalties leveled for failing to report the income, fined and penalized again for the taxes you didn't pay on it or worse.