Wednesday, January 6, 2016

In the business?

I have a coworker whose father in law just passed away. The father in law was a gun collector, and owned 65 firearms, which were left as an inheritance with this coworker's husband. The coworker and her husband do not want to own guns. They are not anti-gun, they just don't want them. They do not know anything about guns, but knowing that I am a "gun guy," have asked me to help them get rid of the firearms. I am going over to their house this weekend to see what they have. I may make an offer on at least some of them.

Here is the issue:
The firearms are surely worth a good bit of money. The couple is left with two choices:
1 They can sell the guns for themselves, in which case they will get a decent amount of money, but risk being accused of illegally dealing firearms without a license under the new Obama directive.

2 They can sell them to a dealer, in which case they will only get pennies on the dollar, as most dealers will, at best, offer you half the money that you would get by selling the weapons themselves.

2 comments:

John said...

Maybe donate to NRA and a tax write off?

Have to look into this for when I cash in my chips.

Divemedic said...

That is an even worse idea financially than selling them to a dealer. Let's say that those firearms are worth an average of $1000 each if sold to individuals. Selling them to a dealer would get you perhaps $2500, who would then resell them. Donating them would only reduce your tax burden by $1000 or so.