Business Expenses: Dummy Gun Vs. Real Gun

[Shooter McGavin]

Had a weird thought today, as I was pulling away from the fun store with my new Ruger LCR in .357 magnum.

Can this be written off as a business expense? I write off dummy guns, why not real ones?

Any of you ever tried this?

Thanks!

[woodandsteel]

Yep, and yep! I just bought an LC9 to make a holster for a customer. I think Lobo has posted about that before. He talked about buying guns that don't have dummies available, and sees buying the real ones as an investment that will retain value or increase over time.

[Denster]

Another yes. I frequently buy the real steel when a new gun hits the market that appears to make sense and will be popular. I will buy the gun to get a jump on having holsters available.

[triage1998]

Had a weird thought today, as I was pulling away from the fun store with my new Ruger LCR in .357 magnum.

Can this be written off as a business expense? I write off dummy guns, why not real ones?

Any of you ever tried this?

Thanks!

Very Nice Dan. .357 in a 17 oz. J-frame. Ouch.

I want one

[cleveland]

I started doing that for models that dummy guns are not available for.

[steelhawk]

I did the same thing with my LC9. Bought it to make holsters. It has almost been paid for with holsters. Now, I need to make a few to sell for my existing guns. Maybe that way they can be expensed as well. Maybe someone who has done this can suggest some pointers so those of us who are new can have a bullet proof tax return.

Edited November 16, 2011 by steelhawk

[TwinOaks]

In case the idea has popped into anyone's head, getting an FFL to aide in getting guns is not that easy. AFAIK, current FFL regulations require that you have a brick and mortar store front.....plus, it's a good bit of money. Something that IS a good idea for holster makers is to get in good with your local gun store. It can provide you access to gun models for patterns AND it gives the store owner access to a custom holster maker.....which can build a good bit of business for both of you.

I took the latter route, and besides holsters for my friend that owns the store, I get orders for guns that he sells. Tonight he called and informed me that I had 3 orders waiting for pick up.

[Shooter McGavin]

You can still get a home based FFL license. Im in that same process at the moment. Waiting on the call for my interview.

[TwinOaks]

Thanks for the update, I need to go re-check the regs, then.

[Bronson]

Some advice given to me from a $$ savvy friend was to start two businesses. The business that actually makes the end product will be an LLC so your personal finances will be protected in case of lawsuit and the second businesss will own every single piece of equipment and lease it to the LLC holster making company. The LLC should have as close to zero assets as possible.

Bronson