Well now that you just put it all out there.... why not just wait to see what the feds say that have already read this by now?
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Selling a Machinegun Before Taking Form-4 Ownership???
- Thread starter TheSnail
- Start date
Should I get the tin foil? Got to make a hat right? lol...
you have to wait for your approved or denied form 4. if selling in state its a one time tax. if out of state its a stamp to your dealer, a form 3, then a stamp to the new transferee.
I would think that, if you have already sent in your Form 4 from your dealer it was transferred to, you will have to wait on its return with approval/denial before you can sell it. If you have not sent in the Form 4, the Form 3 only transferred it into the dealers inventory and you could sell it and the person you sell it to can send in the Form 4.
But then again, I am not an expert in NFA items and this is just my opinion.
But then again, I am not an expert in NFA items and this is just my opinion.
Cancel your current form 4, then sell while dealer is in possession.
Also "investment" is an approved purpose on the form 4, so sale for profit seems fine .
Also "investment" is an approved purpose on the form 4, so sale for profit seems fine .
IMHO the plane is a depreciating asset that also cost significant maintenance and overhead. Full-auto weapons will only go up in value, and are cheap to own.
If you want a plane for the enjoyment, go right ahead. TEOTWAWKI scenarios rank right up there with zombies in my book, and investing money 'just in case' is no better than taking it to vegas as a valid investment strategy. YMMV.
If you want a plane for the enjoyment, go right ahead. TEOTWAWKI scenarios rank right up there with zombies in my book, and investing money 'just in case' is no better than taking it to vegas as a valid investment strategy. YMMV.
If I read it right, it's still on a form 3 to a Georgia dealer. So all he would do is another form 3 if its going out of GA, if not, the new buyer can just do a form 4.
I'd probably do like 17k for the HK
Yeah the HK is approved on Form 3 and is currently being shipped from out of state to my dealer. The other two are on form 4 and are about to be approved.
So if its not on form 3 I could sell it while my dealer is in possession?
I hear ya on the depreciating part. The MG is a much much much better investment than a plane. However, I feel it is good to have a diverse selection of toys. I bought my motorcycle last year for 20k. Now I can sell it for 12-13k and it only has 2000 miles on it and looks brand new. But some mornings I wake up and say: lets go to the mountains, and I have a blast doing it. My car also has 50k into it, but I could only sell it for 25k. I dont want to sell it because it is equally as fun to drive as riding the bike. I plan on getting a duel sport next to ride fire roads, then a small boat. I like to have multiple options and hobbies, rather than concentrate most of my money on a single hobby. Hell, I could sell the HK and buy a duel sport a small boat and pay for a pilot license. Thats 3 more options for things to do on my day off, rather than 1 that I already have with my other guns.
If I bought the HK for investment purposes, you would be absolutely correct. People at work think I'm nuts because of my impulse purchasing of random things that could be potential hobbies. However, you never know what you may like until you try it.
