Moving a large gun collection

[CrazyCobraManTim]

I just picked up a couple from LS&B. Nice people - and their office looks like a military museum....loads of cool stuff!

[davidj]

In such an example and if GB is processing the payment they will issue the seller a Form 1099 which they will CC the IRS on.

As a general tax rule, collectables are considered alternative investments by the IRS and include things like art, stamps, coins, guns, cards, comics, rare items, antiques, and so on. If collectibles are sold at a gain, you will be subject to a long-term capital gains tax rate of up to 28%, if disposed of after more than one year of ownership. You?re only taxed on the profit made off the sale, by sure to keep your receipt to prove the purchase price.

I would assume that, but I never heard anyone say that Gunbroker gave them a 1099. I heard a few months ago that the IRS was going after people who bought Taylor Swift tickets, then resold them for far more. If you made $600+ on the sale, Uncle Sam wants his cut.

[CartridgeCalls]

90% or more of my collection are still brand new unfired and I refuse to take a loss on them. Guess I'll hold on to them till the next pandemic or gun scare.

[SunsetIE]

Gunslingers auction. 25% fee and they always got me more than I expected.

While at the same time charging the buyer 15%, plus taxing that premium. When questioned on the tax basis being wrong, he condescendlingly accuses you of making the math error. But then will cow to it when you dont back down.

His newest scam, is charging a $10 ppt fee on top of the dros for auction buys.

How the hell is a consignment a PPT when its sold at an auction????

Jeff at gunslingers is a thief flat out.



+whatever the count is for LSB. Good and honest people.

[OlderThanDirt]

Any firearms received from an estate would use a stepped up value at the time of death. It is highly unlikely that there would be any profit. In most cases, you would be looking at a loss and no tax liability. I have sold a lot of assets as a Trustee and have always ended up with a net loss.

Even for personal firearm collections, there may not collectively be enough profit for a significant tax liability. I have some firearms that have appreciated quite a bit, while others are worth roughly the same as I paid long ago. By the time you deduct all costs associated with liquidating a collection, the net profit is all that is taxable.

[SilveradoColt21]

Doesn?t get easier then LS&B. They will come to you to pick up and send you a check . They tend to get more $ than comparable auctions. I think they now charge 30%. I sold a few thru them, solid folks.

*25%, I just consigned a firearm with them and I agree, one of their reps picked it up from my home

[beerman]

*25%, I just consigned a firearm with them and I agree, one of their reps picked it up from my home

Thanks Silverado. When I sold thru them they were 20%. They usually get about 20% more in their auctions, so it?s about a wash. Still hard to beat our marketplace here, but it?s work if you have alot of guns to move.

[Wlee]

Yep Lock Stock & Barrel was who I used to sell some of my collection. They do good write ups of the guns and have a large following on GB. They also have their out of state auction house Wyoming Outpost that deals with guns that california doesnt like. They dont charge extra if they have to ship it out to their sister auction.

[NATO762]

90% or more of my collection are still brand new unfired and I refuse to take a loss on them. Guess I'll hold on to them till the next pandemic or gun scare.

Not knocking you. Think about this for a second.


Say PPV bluebook is $1000.00, new wholesale is 600.00, why would a dealer pay you more for a used firearm than he could get for new.

Now say the firearm is off roster, he then has to find a buyer outside CA and ship to an FFL. The out of state buyer will pay less than you do in CA.

More cost, less profit in it. Dealer will still have overhead to factor in.

My background was working at a Pawn Shop and buying selling both new and used firearms.

CartridgeCalls, you need to read B.J.F.?s post and comprehend why no gun dealer or broker is going to get you at or above what you paid retail. I don?t think I?ve ever paid MSRP, but close to it in most cases. Why would I buy your supposed NIB for more than MSRP (you won?t take a loss, so the dealer or broker is going to need to list yours above that to make a profit) when I can buy actually new from a dealer for less.

There are only two options other than taking a slight loss. Either sell them yourself (PPT, consignment at a price you set) or wait for some pandemic level event. If you have anything rare or interesting you might get lucky.

[SanDiego619]

90% or more of my collection are still brand new unfired and I refuse to take a loss on them. Guess I'll hold on to them till the next pandemic or gun scare.

That's easier to do if you bought them used, but buying new it is very hard to get your money back after fees and such, unless we have unusual circumstances like the mostly peaceful summer of love and covid tyranny, or they are special collector guns that go up in value.

Good luck with your dealings and I hope you get your money back, or enough to be happy with the sale. Things might get scary around election time next year and cause another freakout so you might be able to sell them for mega bucks. I'd wait until then at least.

[brian.243]

Check out
Bid fast and last auctions
They are based in hesperia
I dont know what they charge sellers but it's worth a phone call
Good luck

[CartridgeCalls]

I took 50 to LSB today for appraisal. Have a bunch more to go.

[Spyder]

So confusing.

"I want to sell a bunch."

Doesn't respond to offers to buy.

I don't want to disclose how many on a public forum."

Talks about how many are being taken to an auction house.

"I refuse to sell at a loss, I'll just hold onto them."

Takes them to an auction house that takes a big cut of the sale.

[CSACANNONEER]

I thought LSB was closer to 30% for consignments?????

Selling a large or even a small collection is going to get less than selling them individually. Personally, I keep seeing your FS posts and your prices are not great deals or even good deals. In fact, I've started ignoring your FS posts because I figured you were a dealer trying to get top dollar instead of someone trying to sell all or part of their collection. If you're trying to get close to market value for each individual firearm, you need to market them and wait for someone that wants that exact make and model. If you want to make one large sale, you will put a lot less time into it and will end up getting a lot less than selling them individually.

[chris21]

I just took a large collection to LSB. They're commission is around 25%(varies based on collection $ amount or # of gun in collection, higher value = lower commission rate) for guns and 40% for nongun items (reloading gear, holsters, etc). For me, it made sense to drop off my items and have them deal with all of the flakey buyers and research the items. I have sold multiple times through LSB and they have always been straightforward and beyond easy to deal with. I won't sell anywhere else, I've liquidated about 200 through them over the years.

I thought LSB was closer to 30% for
consignments?????

Selling a large or even a small collection is going to get less than selling them individually. Personally, I keep seeing your FS posts and your prices are not great deals or even good deals. In fact, I've started ignoring your FS posts because I figured you were a dealer trying to get top dollar instead of someone trying to sell all or part of their collection. If you're trying to get close to market value for each individual firearm, you need to market them and wait for someone that wants that exact make and model. If you want to make one large sale, you will put a lot less time into it and will end up getting a lot less than selling them individually.