Armory Sponsor
Posted: 8/7/2009 2:03:09 PM EDT
| I don't know if this is the correct heading for this topic but here goes. I have a M16 in the 9 million serial number range, and yes it is legal. I'm curious how do I go about selling it? Can I sell it to an individual and transfer through a dealer or can I only sell it to a class 3 dealer? Am I restricted to selling it only in Florida? I also have an 11.5" 9mm upper and bolt assembly that I assume I cannot possess once the gun has been sold because it is a "machine gun" part. How does one determine market value for the gun? I don't see sales of these at online auctions or at gun shows so I can't look at comparable sales values the way I would for any other firearm. Any comments are appreciated. |
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You can transfer it directly to a buyer in Florida on a Form 4, no dealer needed and the buyer only pays one tax $200). Or, you can transfer it to dealer out of state on a Form 4 ($200) and the dealer then transfers it to the buyer (another $200). The 9mm upper is just a part - no restrictions. As to pricing - look here for a rough estimate ––> Machine Gun Price Guide |
| Just because it's legal for you to own does not mean it's necessarily legal for you to sell. You have to have some sort of paperwork from BATF for that particular rifle that can be explained by them as to your options. If you don't have any paperwork things could get a little dicey! That paperwork is your only evidence that it's a legal full-auto for an individual to own. It should bring between $12,000 and $20,000 on the "private" market depending on what exactly it is. Less if it can only be transferred to a dealer. FWIW |
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I have the required paperwork complete with passport photo and $200 dollar tax stamp. A copy stays with the gun at all times as the law requires, the original stays in my safe. This is not my first rodeo. In fact, the three times that deputies from the Sheriffs department came to my firing range after reports of automatic gun fire, none of them knew that I was required to have paperwork with the firearm.
As for a photo to prove I'm not full of it, tell me how to post one and I will. |
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Quoted:
I have the required paperwork complete with passport photo and $200 dollar tax stamp. A copy stays with the gun at all times as the law requires, the original stays in my safe. This is not my first rodeo. In fact, the three times that deputies from the Sheriffs department came to my firing range after reports of automatic gun fire, none of them knew that I was required to have paperwork with the firearm. A registered M16 like yours may be transferred to any in-state civilian, or to an FFL or LE agency in any state, after you submit a new Form 4, pay the $200 tax and have the Form 4 approved by BATFE and a signed copy returned to you. There is no need to go through an FFL or FFL/SOT for an in-state transfer, as long as ATF approves the Form 4. However, if you sell it to an individual (non-FFl, non-LE) out-of-state, it must first be transferred via an approved Form 4 ($200 tax due) to an out-of-state FFL, then transferred from that dealer to the buyer on a second Form 4 (with another $200 tax due. |
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Quoted:
I don't know if this is the correct heading for this topic but here goes. I have a M16 in the 9 million serial number range, and yes it is legal. I'm curious how do I go about selling it? Can I sell it to an individual and transfer through a dealer or can I only sell it to a class 3 dealer? Am I restricted to selling it only in Florida? I also have an 11.5" 9mm upper and bolt assembly that I assume I cannot possess once the gun has been sold because it is a "machine gun" part. How does one determine market value for the gun? I don't see sales of these at online auctions or at gun shows so I can't look at comparable sales values the way I would for any other firearm. Any comments are appreciated. As far as the 11.5" 9mm upper goes, you can own it as long as you do not also own an AR15 lower with no corresponding upper, because that may put you in constructive possession of an unregistered SBR. Right now, the market is all over the place for all MGs, because a lot of folks bought them on credit cards or home-equity loans in the last couple of years, and are now dumping them on the market to raise $$$ to make their mortgage payments. In recent days I have seen all-original Colt M16s in the 85-90% finish range go in the $13k-13.8k range. I've also seen examples with mismatched uppers or buttstocks, or more finish wear/refinished, sell in the $12.5k range. For reference, I sold the M16A1, 9-mil SN series, shown below for $14.5k in May. It is 100% original, with a documented round count of less than 500 rounds from new; the metal was 99% inside and out, and the only marks were the slight scuff on the buttstock shown in the photo, from safe storage: 
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Armory Sponsor