Another option is to give the best ones to a good retail store on consignment. It may take longer to find a buyer but you may get a better return?

John, PM me and I will tell you whom I recommend that is the house that I mentioned in my post. He is only a few miles from Maryland. I am in Maryland also.

Here I go thanking Bruce again. Tax on gun sales is BS.


Edited for a four letter word.
Mark

Those are extermely good questions:
1)Do auction houses file 1099s?
2) Is the income on a gain from selling a Objet d'art taxable?

I am sure one of our members can answer question #1.
I will ask my favorite tax lawyer on question #2.

I sent an email to my CPA asking if the income on "hobby sales" is taxable.
David

Do you deduct expenses and losses on your hobby?

Gains on Sale of Personal Property
 

Bruce - Don't think that's relevant other than the possibility of recognizing losses if you have treated your hobby as a business and then it's subject to hobby loss rules.


IRS Regulations
Personal-use property. Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft.

Of course, if you don't report the gain, it's not taxable unless you are examined by the IRS.

Wow- I don't think I would follow that advice or course of conduct. Knowingly signing a false tax return is how they got Al Capone.

However, I do agree with your statement thats its taxable.

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I agree completely with you. Just added that final comment, and it is not advice but a comment, because it seems many think not receiving a 1099 is sufficient to make gains not reportable and therefore non- taxable.

I'll bet there are a lot of unhappy people reading this thread at tax time.
The sad thing is that a lot of people could eliminate a lot of the liability by using a 1031 exchange.