1. Welcome to Oklahoma Shooters Association! Join today, registration is easy!

    You can register using your Google, Facebook, or Twitter account, just click here.

Tax Stamp question

Discussion in 'NFA & Class III Discussion' started by undeg01, Feb 21, 2019.

  1. undeg01

    undeg01 Sharpshooter

    Messages:
    989
    Likes Received:
    1,033
    Joined:
    Dec 19, 2012
    Location:
    Piedmont
    Rating
    100%
    It is tax season. As my wife and I were talking taxes, deductions, etc., a question came to mind.

    When completing your taxes, you can enter “taxes paid” that occurred during that year. My question is, “Does my $200 tax stamp for my suppressor qualify as ‘taxes paid’ for IRS purposes?”
     
  2. dlbleak

    dlbleak Moderator Staff Member

    Moderator Supporter
    Messages:
    10,505
    Likes Received:
    4,104
    Joined:
    Mar 15, 2009
    Location:
    edmond
    Rating
    100%
    I vote YES!
     
  3. CAR-AR-M16

    CAR-AR-M16 Sharpshooter

    Messages:
    5,623
    Likes Received:
    127
    Joined:
    Sep 6, 2005
    Location:
    Duncan
    Rating
    100%
  4. Shriner

    Shriner Sharpshooter

    Messages:
    2,048
    Likes Received:
    19
    Joined:
    May 18, 2008
    Location:
    Broken Arrow
    Ask a CPA ! Four year old webpage may not be worth the paper they are not printed on !
     
  5. Preacherman

    Preacherman Sharpshooter

    Messages:
    1,629
    Likes Received:
    285
    Joined:
    Feb 22, 2010
    Location:
    Western, OK
    Hey, I have a farm tax card and would use a silencer for farm use. You know shooting coyote etc. :)
     
    blake711 likes this.
  6. CAR-AR-M16

    CAR-AR-M16 Sharpshooter

    Messages:
    5,623
    Likes Received:
    127
    Joined:
    Sep 6, 2005
    Location:
    Duncan
    Rating
    100%
    The "4 year old website" has links to the current US Code and the IRS website (updated 7 Mar 19), so I would assume it is still correct.
     
  7. dennishoddy

    dennishoddy Sharpshooter

    Messages:
    63,277
    Likes Received:
    16,755
    Joined:
    Dec 9, 2008
    Location:
    Ponca City Ok
    Rating
    100%
    My tax guy told me I could buy a firearm for "varmint control" on the farm and deduct it from my taxes.
    When I started outwardly dreaming of a Perazzi double gun in the $20,000.00 range, he said a Mossberg or Remington 870 would be the acceptable model.
    We did have a thread on OSA a few years back that had a post in it saying Bass Pro was accepting a Farm Tax card to purchase a firearm for farm use. No sales tax, but I've never asked about it and don't remember who posted it.
     
    Preacherman likes this.
  8. Uncle TK

    Uncle TK Sharpshooter

    Messages:
    283
    Likes Received:
    103
    Joined:
    Sep 12, 2013
    Location:
    Oklahoma City

    Taxes You Paid Taxes You Can't Deduct • Federal income and most excise taxes. • Social security, Medicare, federal unemployment (FUTA), and railroad retirement (RRTA) taxes. • Customs duties.
    • Federal estate and gift taxes. However, see Line 16, later, if you had income in respect of a decedent. • Certain state and local taxes, including tax on gasoline, car inspection fees, assessments for sidewalks or other improvements to your property, tax you paid for someone else, and license fees (for example, marriage, driver's, and pet). • Foreign personal or real property taxes. Line 5 The deduction for state and local taxes is limited to $10,000 ($5,000 if married filing married separately). State and local taxes are the taxes that you include on lines 5a, 5b, and 5c. Include taxes imposed by a U.S. possession with your state and local taxes on lines 5a, 5b, and 5c. However, don't include any U.S. possession taxes you paid that are allocable to excluded income. You may want to take a credit for U.S. possession tax instead of a deduction. See the instructions for Schedule 3 (Form 1040), line 48, for details. Line 5a You can elect to deduct state and local general sales taxes instead of state and local income taxes. You can't deduct both. State and Local Income Taxes If you don't elect to deduct general sales taxes, include on line 5a the state and local income taxes listed next. • State and local income taxes withheld from your salary during 2018. Your Form(s) W-2 will show these amounts. Forms W-2G, 1099-G, 1099-R, and 1099-MISC may also show state and local income taxes withheld. • State and local income taxes paid in 2018 for a prior year, such as taxes paid with your 2017 state or local income tax return. Don't include penalties or interest. • State and local estimated tax payments made during 2018, including any part of a prior year refund that you chose to have credited to your 2018 state or local income taxes.
     

Share This Page