Trust and Tax question

[sts04c]

I am considering purchasing a .22 can through a trust, but have a question on the tax aspect. Anyone who has done this please feel free to chime in. I just want to make sure there is not an additional tax charge (aside from the $200 tax stamp) at the time you file taxes the following year.

 

[dial1911]

Never heard of such a thing. Income taxes and tax stamps are separate- although I wonder if you could count the stamp as taxes paid like property taxes?

 

[righter13]

pretty sure it's a goods tax just like tobacco and fuel.

 

[JWP6114]

It is a one time transfer tax fee. The tax stamp is paid on the initial purchase / build, and is paid by the buyer again every time it is transferred to a different individual. I.E. it is a transfer tax.

It has nothing to do with normal taxes.

 

[sts04c]

Thanks for the info guys.

 

[Quiet Riot Firearms]

It is defined as an excise tax, which is the same thing tobacco and alcohol taxes are.

 

[No2sc2]

If you use it somehow in your business, you may deduct it but its not deductible for personal use.