home defense gun tax deduction

[Art Eatman]

A self-defense firearm would be a capital item. Depreciable, not deductible.

Given that firearms are known to last for a hundred years or more, 1% per year depreciation ain't much. The cost of repairs, of course, would be fully deductible in that year.

Art

 

[R.H. Lee]

Good observation, Art. However, there is the Section 179 deduction, which allows you to write off a capital item the first year you place it in service.

 

[Mikul]

The gun-deduction is NOT going to happen. I like to dream too, but this has as much chance of passing as a log through a poodle.

How about introducing an education deduction? Any money used for taking classes of any kind is tax deductable. You want to take a feng shui class? Write it off. You want to take a class at Thunder Ranch or LFI, it's a write off. THIS would have a chance to pass. It's an education write-off and has nothing to do with guns at all. If we want to get greedy, we append the deduction to include physical costs associated with taking the class. So, if you need a sage smudge for your energy clearing class or a Nighthawk for that Personal Protection class, you write that off too.

 

[JohnBT]

I used to deduct $200 a year for bank boxes to protect investment-related items, so why couldn't someone try deducting a couple of hundred a year for a gun leased from a buddy to protect investment-related items on the way to and from the bank boxes?

You know, it would be easier to just lump it all in with the charitable contributions.

I think I'll have a beer. I don't have enough deductions anymore, so they let me file my taxes on the phone.

John

 

[p35]

That was Washington State that exempted gun safes from the sales tax- we have no income tax. This year we can start deducting sales tax from our incomes, including taxes on gun purchases.

 

[M1911Owner]

A flat, modest Federal tax rate for everyone. Everyone. There is no such thing as a "poor" person in this country.

This is something I've been thinking about for awhile. It seems to me that Representation without taxation is tyranny! The tyranny of the "gimme's"--those who expect to feed at the public trough. If everyone had to pay for all these "programs", there would be a lot more pressure on government to keep the size of government in check.

I live in California. A couple of years ago, my income dropped to about $50,000. My state income tax on $50,000 was $50!. With at few dollars less income, it would been zero! That means there are a lot of people in California who are voting in legislators who are paying zero state income tax. No wonder this state spends so much. If everybody had to pay their part of all these programs, I would expect that our elected representatives would be a lot more frugal.



Sam Adams: I just noticed that your post, above, was addressed to me. What you say certainly makes sense in the context of the original poster's point. I was pointing out that you can effectively have today what he wants, if you have a business that would make it a reasonable business expense. For example, I know a psychologist who made his Beech Bonanza airplane a business expense by opening a branch office that was just far enough away to make an airplane reasonable. If one were to have a business, say, teaching NRA gun safety courses, I suspect that one could legitimately write off a gun or two. And as I said, you're not going to have to document the gun to the IRS unless they audit the expense or depreciation. (I note that you're a CPA, Sam, so I defer to what you have to say on this subject) (And for everyone, I have to put in here the "IANAL" caveat--I'm not a CPA or a lawyer, and you really, really need to check with the appropriate tax professional before deducting something that might be a problem with the IRS.)

 

[Blueridge]

I've been self employed running a home based business for 10 years. I don't operate a 'hobby' business, this is my living. I purchased a gun and a box of ammo to keep in my home office portion of the house. Why do I need a gun? We get all kinds of strangers (customers) that show up here, some unannounced, so basically you have opened up your home to total strangers (not good). I would consider a gun purchase for a home business, a valid business expense, just like the fire extingisher on the wall, or the security alarm on the office door. The gun is strictly used in the home office location, just like any other piece of equipment.

Trying to get your NRA or range membership, plus practice ammo included would be stretching things, as that crosses over into personal use.

I'd like to hear from anyone else that runs a small home based business, and see if they have written off a gun purchase as a business expense.

 

[mp510]

Didnt some state try to make the purchase of a gun safe tax deductable?

In Connecticut, there's no sales tax on gun safes and trigger locks.

 

[strat81]

The gun should be part of the business' assets. It should be capitalized on your balance sheet since it is a durable item and should be capitalized in a manner consistent with your fixed asset policy. Off the top of my head, I don't know the depreciable life of a firearm. Most common items like cars, computers, and office equipment are depreciated over 3-7 years, depending on the asset class. Buildings, depending on their use, are usually about 30-40 years. Back in my days doing public accounting, cops would (legitimately) write off range time and ammo all the time as an unreimbursed employee expense.

NRA dues may not be a reasonable deduction unless your business is in the shooting industry. However, range time and ammo - within reason- are certainly candidates for deductible expenses since they are necessary for the safety and secuirty of the business, its assets, and its employees (just like cameras, locks, or a guard's salary). For example, various professionals write off continuing education classes. I'm sure you'd write off computer training classes for new employees or copy paper for the copy machine. For a normal business, I'd classify this stuff as "miscellaneous", not "guns & ammo" on your tax return.

If you do tax the deduction and the IRS inquires about it, provide the receipts and a written letter from your CPA. If they deny it, you can appeal it. If you lose the appeal, worst that happens is that you owe the tax on the deducted amount plus interest, possibly with a penalty. You won't go to jail for something like this. I have to imagine that at some point in the history of the IRS and the Tax Court, this issue has not been brought up. I'm not versed in tax law research, but maybe your CPA can help you.

I am not a CPA and this is not tax advice. Your CPA is not responsible for your tax return, and neither am I. You are.

BTW, this applies to business, not individuals.

 

[Elm Creek Smith]

There should be NO taxes on income, just a National Sales Tax on everything you buy from a store except food and medicine. That way YOU control how much you pay in taxes. You want a $75,000.00 car? Pay the taxes. You want a $15,000.00 car pay one fifth the taxes. Same thing with guns.

ECS

 

[legaleagle_45]

Elm Creek Smith

Elm Creek Smith wrote:

There should be NO taxes on income, just a National Sales Tax

Then how will poor starving tax attorneys in rain soaked gawd awful Orego make the big bucks?

Welcome aboard Wardog... this is much better than Yahoo

 

[Orthonym]

I dunno about deductible, but your rifle is not attachable, since the Milita Act of 1792, and maybe even to this day. Whwn Karl Hess got crossways with the IRS, they legally grabbed everything he owned except for his clothes, the tools of his trade, and one rifle. They had to let him keep those.

 

[Elm Creek Smith]

Hiya, legal! Those tax attorneys need to become real estate attorneys, specialize in setting up insurance trusts for folks with small children, or become criminal attorneys...wait a minute, that's an oxymoron. They need to become, as my brother-in-law used to insist, criminal defense attorneys, or prosecutors.

ECS AKA Wardog 6.