Your Tax Question - 023

Dear John, I got an email a while ago telling me that I would have to pay a tax and register my firearms with the IRS. Something about since President Obama was not able to pass the anti-gun law that he wanted he decided to tax them. Is this true? Mike
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Hi Mike,

I verified this with SNOPES and with the MASTER TAX GUIDE and this is FALSE. The only tax implications that you may have with a firearm is if you sell one, there is an excise tax per firearm that you should be aware of, but if you simply own the firearm you have no tax obligations. Thank you for the question.

John

PS. There is still room on my client list if you need a tax preparer. Email me.