Posted: 5/11/2013 6:15:56 AM EDT
|
Hi guys,
I (very very sadly) live up here in NJ. So, I'm not very familiar with how things work down there in SC. Up here my problem would be solved because nobody can have any NFA item at all. I have a buddy down there who had an elderly relative (of sorts...no blood relation but one of those close family friends type deal) who passed away. The guy was a big gun collector and had plenty of weapons. Some of which from what my friend tells me were NFA items. My friend is a legal/valid firearms owner down there already and even has a ccw in SC. The widow wants to gift the guns to my friend and I was wondering if any of you fine gentleman could tell me if that's doable for the NFA's and if you know how that works? I have a rough understanding of how the process works when you want to buy one from an FFL but no clue how the process goes from P2P sales for those types of items. Any help you can give me would be greatly appreciated. Cheers, |
|
Quoted:
I'm not an NFA expert, but I believe that the weapons must be transferred through the ATF on a Form 4 (y'all correct me I'm not absolutely correct) and will cost $200 per transfer by a Class 3 approved dealer. Not true, NFA items that are inherited are transferred tax free via a Form 5. I am not sure whether it must transfer through a dealer or not if his is a resident of the same state, but either way the OP should post his question over in the Class 3 forum . You should not have any problems getting your questions answered over there. |
|
Quoted: I believe that the tax-free Form 5 is done / submitted by the executor in accordance with the will. Quoted: I'm not an NFA expert, but I believe that the weapons must be transferred through the ATF on a Form 4 (y'all correct me I'm not absolutely correct) and will cost $200 per transfer by a Class 3 approved dealer. Not true, NFA items that are inherited are transferred tax free via a Form 5. I am not sure whether it must transfer through a dealer or not if his is a resident of the same state, but either way the OP should post his question over in the Class 3 forum . You should not have any problems getting your questions answered over there. If the widow gives them to someone else, who is not named in the will, wouldn't that be a transfer requiring a Form 4?
|
|
Quoted:
Quoted:
I believe that the tax-free Form 5 is done / submitted by the executor in accordance with the will. Quoted:
I'm not an NFA expert, but I believe that the weapons must be transferred through the ATF on a Form 4 (y'all correct me I'm not absolutely correct) and will cost $200 per transfer by a Class 3 approved dealer. Not true, NFA items that are inherited are transferred tax free via a Form 5. I am not sure whether it must transfer through a dealer or not if his is a resident of the same state, but either way the OP should post his question over in the Class 3 forum . You should not have any problems getting your questions answered over there. If the widow gives them to someone else, who is not named in the will, wouldn't that be a transfer requiring a Form 4?
I would think so, sounds as if the widow would get it on a form 5 and then need to transfer it on a form 4. |
|
The widow would not have to do a transfer to her name first. The guns can go directly from the estate to the transferee. The difference between a form 4 (tax paid) transfer and a form 5 (non-tax paid) transfer in a case like this is whether the gun is being transferred as a bequest or is a regular transfer to anyone not mentioned in the will (Assuming there is one.). If the item is listed in the will as "I want my M16 to go to my son, Herkimer", it's a bequest. If the stuff isn't listed in the will and the widow is just disposing it to whoever wants it or is willing to pay for it, it would be a tax-paid transfer. She doesn't have to do a transfer because she is not taking possession of it for herself, but is acting as the executor of the estate.
She could take possession for herself if she wanted to, but doesn't have to if it's just getting passed on to someone else. Who exactly is entitled to a bequest would be governed by your state's laws on inheritance. If in doubt, consult with an estate lawyer, but PLEASE don't play games just to avoid paying a crummy $200 tax. A very valuable transferable firearm could wind up as contraband if it transfers in an illegal way. Without knowing the specifics of the situation other than the info provided in the original post I would say that the transferee, not being a blood relative, would have to do a Form 4 for each item from the estate to himself. The widow would have to attach documentation (death certificate and her appointment as executor) to establish her authority to do the transfers. I have gotten items out of several estates, and it's pretty straightforward. |