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Posted: 6/7/2025 9:24:51 PM EDT
[Last Edit: bondo][Edited]
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Anybody here around in the mid /late 80's remember how much lightning links were selling for in 1989 ? I've got a good friend that has no heirs and is having some health concerns. Years ago he said he was going to leave me his machine gun collection in his will, but now he doesn't want to wait. He wants to transfer them to me now . He's not asking for any money, just gifting them to me , but I feel a little guilty about that. He's had them so long he says he doesn't have a lot of money in them . I can't afford to give him current market prices for what he has , but was thinking I might at least give him what he paid when he originally purchased. I know what he paid for everything except the lightning link, could use some help on that . Transfer was done in 1989 Update: First transfers have been mailed. Have to do paper form 4 from individual in one state to dealer in another. FYI guns being transferred are : West Hurley Thompson M1A1 Sten Mark 2 (erb tube) Mp40 ( Wilson tube) Lightning link |
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I can't afford Class lll anything, and l haven't stayed at a Holiday Inn in many years, but... If l remember Shotgun News correctly, it seems like lightning links were only about $15-$25 dollars way back when. They are, after all, just two pieces of stamped steel. But someone who remembers correctly will be along shortly. It's the arfcom way. So this is more of a tag and a bump. Eta: oh. You said '89. I had '86 in mind. |
Drugs kicked in now, need sleep, radiation tastes funny at 7 am every day... a bit like victory. - Ginger
| A benefit of leaving them you in his will is that they will all transfer to you tax free on a form 5. Now you will obviously have to pay the $200 for each one. Considering how much they are likely worth this probably isn't really a concern, but just something to be aware of if you weren't already. |
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Originally Posted By mak0: A benefit of leaving them you in his will is that they will all transfer to you tax free on a form 5. Now you will obviously have to pay the $200 for each one. Considering how much they are likely worth this probably isn't really a concern, but just something to be aware of if you weren't already. Yeah, that's the downside. It's going to cost me about 2000 dollars for 4 machine guns since I'm in a different state. 4 transfers to get them to my state, then 4 transfers to me , plus dealer fees. |
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Originally Posted By bondo: Yeah, that's the downside. It's going to cost me about 2000 dollars for 4 machine guns since I'm in a different state. 4 transfers to get them to my state, then 4 transfers to me , plus dealer fees. They’d transfer direct to you (interstate) on F5, completely tax-exempt. That’s what mak0 is saying. I’d request that method, and pay him for them right now (or as soon as the will paperwork is done). Even if he says no, and you have to pay the taxes, you’d still get a great deal paying 1989 prices plus the double transfer taxes. You could even sell one (before transferring it anywhere) if you need the money. |
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Originally Posted By bondo: Yeah, that's the downside. It's going to cost me about 2000 dollars for 4 machine guns since I'm in a different state. 4 transfers to get them to my state, then 4 transfers to me , plus dealer fees. I'd drop that in a heart beat to get 4 machine guns now. But my dealer also only charges $45 for an NFA transfer. |
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Originally Posted By bondo: Yeah, that's the downside. It's going to cost me about 2000 dollars for 4 machine guns since I'm in a different state. 4 transfers to get them to my state, then 4 transfers to me , plus dealer fees. If they were the lowest priced MGs on the market, you’re getting around $35K worth of them for less than $3K. You can’t afford to not deal with this Nigerian prince. Do as the guy wishes. Don’t think about it. Don’t argue. Don’t object to it. Just do it! If you’re not going to do as he wishes, give me his contact information and I’ll do it. 
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Originally Posted By KitBuilder: Not if he wills them to you. They’d transfer direct to you (interstate) on F5, completely tax-exempt. That’s what mak0 is saying. I’d request that method, and pay him for them right now (or as soon as the will paperwork is done). Even if he says no, and you have to pay the taxes, you’d still get a great deal paying 1989 prices plus the double transfer taxes. You could even sell one (before transferring it anywhere) if you need the money. Doesn't his friend have to die first, in order to transfer them via Will? I know with homes, you shouldn't just gift them to an heir while you're still alive, because there's tax consequences to this vs just gifting them via Will after your death. |
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If he has had them that long I assume they are in his name and not a trust or corp. If they were on a trust or corp he could have brought you on board then just form 5 them for address change. I paid $695 for a RDIAS in 1994 so I would be it was less than $100 for a lightning link. |
If God didn't want them sheared, he would not have made them sheep.
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Originally Posted By mak0: A benefit of leaving them you in his will is that they will all transfer to you tax free on a form 5. How does the ATF define "a lawful heir" that's on the Form 5? I always assumed that meant family, but perhaps and hopefully I'm wrong. Regardless, definitely get them now. |
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Originally Posted By Bret: How does the ATF define "a lawful heir" that's on the Form 5? I always assumed that meant family, but perhaps and hopefully I'm wrong. ATF doesn't get to define "a lawful heir". It's defined elsewhere. ATF only cares if they're a Prohibited Person (for possession). |
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Originally Posted By shrimpmoney: Doesn't his friend have to die first, in order to transfer them via Will? Originally Posted By shrimpmoney: Doesn't his friend have to die first, in order to transfer them via Will? That's how the F5 tax-exempt inheritance transfers happen. I know with homes, you shouldn't just gift them to an heir while you're still alive, because there's tax consequences to this vs just gifting them via Will after your death. That $200 tax is going away on 1/1/2026, but not for MGs and DDs (unfortunately). |
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Originally Posted By KitBuilder: Yes. That's how the F5 tax-exempt inheritance transfers happen. Well the "tax consequence" for all the NFA stuff is $200 each. That $200 tax is going away on 1/1/2026, but not for MGs and DDs (unfortunately). Capital gains tax. If it goes through an estate, a step up in basis occurs and the tax burden is reduced. |
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Guns are in the state now with my dealer , being transferred to me. Feels like winning the lottery Attached File |
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