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madville

(7,858 posts)

19. $200 tax is not required

Reply to NickB79 (Reply #3)

Sat Jan 22, 2022, 05:57 PM

Jan 2022

NFA items registered to an individual can be willed to an heir tax free, it’s a Form 5 Application for Tax Exempt Transfer and Registration. They still have to submit the other paperwork for approval but don’t have to pay the $200 again.

If the item is owned in a trust, it simply remains in that trust and a co-trustee takes possession because they are already approved to be on the trust.

If there isn’t a living co-trustee on the trust, it would pass to a beneficiary and possibly also be eligible for the tax free transfer.

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Many New Gun Owners [View all] LiberatedUSA Jan 2022 OP

Nor will those inherited weapons be necessarily federally registered. no_hypocrisy Jan 2022 #1

Only Class 2 and Class 3 guns are federally registered to begin with NickB79 Jan 2022 #3

Here is my question on that. LiberatedUSA Jan 2022 #12

If the items are owned in a trust madville Jan 2022 #20

$200 tax is not required madville Jan 2022 #19

Almost none will be federally registered SYFROYH Jan 2022 #5

That is a huge problem for those unfamiliar. LiberatedUSA Jan 2022 #6

add me to the list, pro grade glue gun Shellback Squid Jan 2022 #2

"it holds 5 sticks"... is that legal? Is it an automatic or semi auto?😉..nt.. mitch96 Jan 2022 #15

No guns in my household, but my dad, as a flyer in WWII, had a Colt 1911 pistol issued to him. panader0 Jan 2022 #4

When my wife and I wanted to have children, she said I had to spike jones Jan 2022 #11

As it turns out my FIL died of COVID and we inherited an old S&w SYFROYH Jan 2022 #7

My WW2 era Pop "found" a flair gun that was used on a lifeboat. I got it when he died mitch96 Jan 2022 #16

That is very impressive SYFROYH Jan 2022 #21

Who needs 'em? (n/t) PJMcK Jan 2022 #8

On the average, they would fall into the hands of more responsible owners I would think. brewens Jan 2022 #9

Not everyone who dies of. covid is an idiot Hangingon Jan 2022 #13

There are different levels of idiocy, but an idiot is an idiot is an idiot. Antivaxers, for example Progressive Jones Jan 2022 #17

I look at it another way. llmart Jan 2022 #10

Maybe destroy them instead of putting them back in to circulation? maxsolomon Jan 2022 #14

That's what happened to all the old guns in my family... hunter Jan 2022 #18