Storage Auctions
The Storage Locker => General Storage Auction Talk => Topic started by: Moonspell on July 16, 2011, 09:04:44 AM
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Ok I've thought of getting into storage auctions, but there's lots of little questions I have in my head. Such as for example. What happens if I find firearms, alcohol, etc.....? Do I have to turn that into the authorities? Or is it just a state by state thing, I'm sure that rule of thumb would be at least to get a clean bill of health on your firearms. If you come across alcohol or whatnot is it legal to sell? Or do you need to get a license to unload them to someone? Also should you keep reciepts of your auction sell, and reciepts on items that you sell because it should be reported to IRS as taxable income? Just a few questions going through my head right now. Hope it's not silly.
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Ok I've thought of getting into storage auctions, but there's lots of little questions I have in my head. Such as for example. What happens if I find firearms, alcohol, etc.....? Do I have to turn that into the authorities? Or is it just a state by state thing, I'm sure that rule of thumb would be at least to get a clean bill of health on your firearms. If you come across alcohol or whatnot is it legal to sell? Or do you need to get a license to unload them to someone? Also should you keep reciepts of your auction sell, and reciepts on items that you sell because it should be reported to IRS as taxable income? Just a few questions going through my head right now. Hope it's not silly.
Not silly, but most if not all have been discussed in theads here over the last 8 months or so. Use the search button above and try one area of interest at a time.
But briefly:
Do you have a license to sell firearms or alcohol? Not many of us do.
IRS...income tax, state sales tax....do a search for these items at button above.
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On the alcohol, no matter where in the USA you are at you will need to have a Licensee to sell alcohol, no matter what. Either keep it for yourself, or give it as a gift to someone.
On the guns, different from state to state. For the most part you cant sell a gun to anyone other than a licensed gun dealer. However before you do so, you should check to make sure that the gun A: Is not stolen, and B: that it has not been used in a crime. It comes back clean feel free to sell to A LICENSED GUN DEALER, if it comes back unclean, legally you are suppose to turn it over to the authorities, and depending on where you live, they could seize the entire locker you purchased as evidence.
Now for your taxes, if you are running as a business do make sure you get all the business license that are required by your city, county, state and of course federally (IRS). Keep all receipts, from where you purchased, what you sold, gas, storage, anything and everything that you can deduct from the taxes that you will have to pay. On the IRS website they can tell you what you can and what you cant use for tax deduction, and how much of it you can use. Now however, if it is a hobby, where you dont make that much money from it (ask a professional in taxes to check) then you could be ok from not doing any taxes. Only reason I know this is my Grandmother started a business doing arts and craft type sales, after 6 months, the IRS sent her a letter stating that she does not have to file on the business because she was not making alot of money. She was considered a hobbyist. But like I said do check with a tax professional, you can even ask the IRS themselves, they offer free tax advice.
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Actaully only a couple states require you to sell to a licensed firearms dealer most states are still free but Commiefornia is not. In most of the USA a person may sell a gun to any resident of thier state with no limitations. Now if that person is known to you to be ineliglable to own a gun do not sell it to them, if they volunteer that information when buying the gun then it is a set up refuse to sell tothem. Best bet to sell is to research on gunbroker.com then take the gun to a gun show and expect to get less then on gunbroker. Or if you live in WA use Seattleguns.net to sell the gun. Do not sell to a resident of another state.
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In auction one must undergo with government contracts. It only means that selling guns within a certain area without license or proper documentation is illegal. We all know that it is inevitable sometimes that there people who will do their best to sell their products without legal certification, however in the end if they will caught in the act, its difficult for them to escape in the long arms of law.