If one family member wants to transfer an nfa item to another family member is a second tax stamp required? Meaning do they have to spend another $200.00? Thanks again guys.
Mike
Mike
Cool. Thanks Larry.
So as long as Matt stays in state he could acquire your nfa stuff with no transfer right? Does that include multiple items?
Example being an sbr and a can?
Your post is a little confusing. You can't just give somebody (family member) a nfa weapon just because you once paid the tax. It has to be transfered with tax paid just like you originally did. Unless you died and they are inheriting it.
Theres a lot of people out there that seem to think once you do the paperwork the first time its yours to do with as you please. Thats just not the case.
Theres a lot of people out there that seem to think once you do the paperwork the first time its yours to do with as you please. Thats just not the case.
NO NO NO! I am a class 3 dealer and I can tell you that you cannot give your nfa items to anyone including a family member, they must go through the same procedure you did to get your stamp.
IF your NFA items are in a trust and thats where the paperwork says they belong then you can list your family member as a trustee and let them use it but it will not belong to them, it will belong to the trust until it is transfered out.
An NFA item can be transfered by Will without paying the stamp upon the death of the origonal owner as long as it is to a family member but the transfer has to be done as soon as the will is read or probate judge releases it.
IF your NFA items are in a trust and thats where the paperwork says they belong then you can list your family member as a trustee and let them use it but it will not belong to them, it will belong to the trust until it is transfered out.
An NFA item can be transfered by Will without paying the stamp upon the death of the origonal owner as long as it is to a family member but the transfer has to be done as soon as the will is read or probate judge releases it.
Honeybee is right. Transfer of ownership from one legal entity (individual, trust, corporation) to another legal entity has to transfer on a tax paid form 4. Only exception is the death of the original owner allows the transfer to a lawful heir on a tax free form 5 (see http://www.atf.gov/press/releases/1999/09/090599-openletter-nfa-estate-transfers.html)
I called the ATF today and Got the same answer Honeybee and Car-AR-M16 said. Thanks guys. I appreciated the help.
