Makin some changes in the rifles I use

[skeet]

Have been thinking on this for a while. I have many rifles..seriously...many. Am rethinking the whole thing. I have 8 pre war M-70..oops 7..sold one. all in the rarer calibers(sold the 7mm) and since they are really nice I'll never use them. Collectibles. Also have some other collectibles I got a Rem 722 in 222 from a board member here and find that it shoots really well..for me anyway. Also found the same rifle in 222 mag a couple of days ago..Yard sale again.. Naw it wasn't in the sale but the guy did have a few shootin things..so I asked. He also had a real Bear trap..darn I wanted it..but he wanted a lot for it. It is going to wear a Leupold VXII 4-12. Have to load a few rounds of ammo as I only have a box and a half of factory. The guy that owned it had none..and said he couldn't find it...sooooo...LOL Anyway, I digress. I am selling off some of the guns I'll not shoot and buying nice guns I will. I sold the M-70 in 7mm and it got me enough to buy 4 kimbers..one in 243..one in 30-06..and the 300 Win Mag I got last month. Oh the other was a Kimber 1911 Gold Match II. I got the Kimbers because looking at what I wanted and found that Rem 700's and Winchester 70's are... holy crapo..800 bucks. I guess I've been asleep for a while. When did those prices happen?? When I looked at the Kimbers I figured for a bit more I could get a few pretty shooters for not that much more. Anyway..I guess I am asking if y'all think I am just excusing my actions..or do it make any sense??. I think the Winchester 70's have appreciated pretty well but they aren't climbing much right now..And had the (stupid) idea to sell 'em off. The Winchester museum appraiser thinks i can get near 9000 for the 7.65 rifle I have..I personally think that is wayyy high but I really haven't been keeping up with prices of guns etc like I should. Too much yard saling i guess. I'm not braggin or anything. It's just I was thinkin at the age I'm gettin to(not as old as Rocky)it might be time to have maybe 6 or 7 rifles I'll use and get rid of what I don't use..What say ye of the HC boards?? Interested in what y'all have to say.... either fer or agin..

[buckhunter]

Went thru that a few years back. Only one of my Son In Laws is a shooter and he has enough. I have sold off a lot of stuff over the last 5 years. Figure in a few years that the cash will pay for a nice hunting trip or when the bride finds out a trip to Europe. You know she will win. I've dumped just about everything I don't shoot. Don't get me wrong there is still a lot of stuff in the safe.

[Dan Morris]

I divided up with my kids n kept 1/3 of em......did this about 6-7 years ago. I didn't get em to make $$$ with. Enough for 4 Kimbers.....you did well, I wouldn't have paid that much...LOL....I'm cheaper than you!!
There is no answer for this...just do what ya feel like doing.
Dan

[GoodOlBoy]

My grandfather used a 222 remington for 99% of his hunting (not the mag just the 222) The rest he used a 30-30 or a 22 for. He never had to fire more than one shot. I have been doing ALOT of thinking about consolodating calibers down from what I have to ALOT less. Then again I have though about adding a few too. It is all up to you skeet. I have only ever sold or traded off 1 firearm I owned. Only 1. I am starting to rethink that position.

GoodOlBoy

[Catfish]

I have several guns that I never shoot any more and several that I have never shot yet. I could sell off alot of guns but only let them go when a friend wants something I have and don`t shoot, and that happens alot less than a new gun flows me home from a gun show. My wife said she would not have any idea what they were worth if I died and I told her not to worry about it. Just have an auction and advertise it well and sell nothing but the guns and you`ll get what they are worth.

[dovehunter]

Originally Posted by Catfish

...Just have an auction and advertise it well and sell nothing but the guns and you`ll get what they are worth.

Based on the few auctions I've attended I'd be willing to bet she will get a good bit more than they were worth. It never ceases to amaze me the frenzy some folks get in at an auction trying to outbid the competition.

[skeet]

Yep..you are right. Some auctions the darn guns go for wayyy more than they are worth...Well...the ones i want anyway. I do occassionally do get a good buy on some items. But usually if it is a shotgun here in this corner of Wyoming. Rifles however..are really crazy. Especially lever guns, I bought a kinda junker 1886 Win in 38-56. Cleaned it up and put it in an auction. Darn thing went for 1400 bucks..and I only had a little more than 400 with the parts i needed to buy to fix it up..BUT the bore was good..hehehehe LOL I was just hopin to get 6-800. I'd a been happy with it too. For the most part though I don't want her to have to deal with that. The spensive guns are gonna go now and I'll put the money in an account. She can draw the interest off of it for a long time. Long as she doesn't get married to a goober after me..Then I have a device in the floor of the house to take care of that. haahahahahahaha. Nah...she said she didn't want another goof to have to take care of.. Have a double gun that is worth in the vicinity of 50 grand so she'll have something to play with.. You know when I bought all these guns in the past..I figured to be able to cash 'em in sometime and have around a hundred grand or maybe a bit more...And they will be. BUT..I figured a hundred thou was gonna be a LOT of money. Boy was I WRONG. It ain't even 'nuff to get started on any more

[fabsroman]

Originally Posted by skeet

Yep..you are right. Some auctions the darn guns go for wayyy more than they are worth...Well...the ones i want anyway. I do occassionally do get a good buy on some items. But usually if it is a shotgun here in this corner of Wyoming. Rifles however..are really crazy. Especially lever guns, I bought a kinda junker 1886 Win in 38-56. Cleaned it up and put it in an auction. Darn thing went for 1400 bucks..and I only had a little more than 400 with the parts i needed to buy to fix it up..BUT the bore was good..hehehehe LOL I was just hopin to get 6-800. I'd a been happy with it too. For the most part though I don't want her to have to deal with that. The spensive guns are gonna go now and I'll put the money in an account. She can draw the interest off of it for a long time. Long as she doesn't get married to a goober after me..Then I have a device in the floor of the house to take care of that. haahahahahahaha. Nah...she said she didn't want another goof to have to take care of.. Have a double gun that is worth in the vicinity of 50 grand so she'll have something to play with.. You know when I bought all these guns in the past..I figured to be able to cash 'em in sometime and have around a hundred grand or maybe a bit more...And they will be. BUT..I figured a hundred thou was gonna be a LOT of money. Boy was I WRONG. It ain't even 'nuff to get started on any more

There are a million questions I have. Are you doing this because you think you need to financially? If so, then that is a question you really need to sit down and think about. If you need the money or think you will need to set up an account to take care of your wife should you pass on, then you have to do what you have to do.

If it isn't a matter of money, then just do what feels right to you and makes you happy. If I were in your shoes, I wouldn't be selling anything if I didn't need the money. I just have a hard time parting with guns and bikes because of nostalgia. If I NEEDED the money, then I would be selling them all. It would also depend on what the NEED is. If it was just to buy other guns, then I wouldn't sell them. If it was to afford a surgery for a loved one, then they would all go. As far as retirement funds are concerned, you are right, $100,000 nowadays is nothing. My wife and I have $250,000 in retirement funds right now at 39 and 33 years of age and I am shooting for $3,000,000 by the time we retire in our 60's. My mom says that will be WAY too much money, but I think she is wrong. Me, I would rather err on the side of having saved too much versus having saved too little and having to work until I am 80.

Also, what is all this talk about taking care of your wife when you pass on? You aren't that old, even if you shoot like an old man. You are way younger than my dad and he isn't the least bit worried about all this stuff.

Now, if you are looking at this from an investment standpoint in that the guns aren't really appreciating much anymore and you would like a better return on your investment, exactly where are you going to get that return on investment? Remember, you are at an age, while not too old, it is old enough that risky investments will be off the table and you will be looking at stuff like corporate bonds and government bonds, or at least you should be adverse to financial risk at your age.

It all comes down to how you view those guns (e.g., nostalgia, investments, tools) and how badly you NEED the money.

[skeet]

Fabs.. I don't "need the money". I'm just at the point where I think the guns are somewhat like a liability. i keep them insured...which isn't cheap..they are bringing a bit of a premium now and with the coming financial problems in this country... Also considering selling the farm here and the one in Md...Put the money in something safer...maybe overseas.. Have found a nice place of about 30 acres or maybe buy a small place here and one in Montana..buy a camper and do some traveling...If the scum suckin pigs runnin this country do away with the Bush tax cuts....I'll be stuck with the properties as far as investments the tax will be extremely high when I sell...both places could be sold within 10 days if I chose to do so. i am also considering other options but personally feel the gummit has wwwaaaayyy too much control over our lives and our money. The farm in Md is worth quite a bit. Property was what I considered our investment for the future..with the change that Nobama has and is trying to give us I am losing options that I had before. The guns are just part of my concerns..If we travel like we are considering..where do I store them? Also the bank I have the expensive ones in..is charging a bit for the vault storage....but I do have more than guns in there..some jewelry I bought years ago and a couple of original pieces of artwork that are worth a bit.. I'm at the point now where I don't feel there is any SAFE investment..safe from the gummit is what I mean..cept maybe gold. The guns that have nostalgic value are of course..not worth much cash wise..and I would keep them. The older we become..it seems the less nostalgic we become...my wife has even sold some of the old family treasures but she keeps the little valuables she and I have acquired over the years at auctions and such

[fabsroman]

Originally Posted by skeet

Fabs.. I don't "need the money". I'm just at the point where I think the guns are somewhat like a liability. i keep them insured...which isn't cheap..they are bringing a bit of a premium now and with the coming financial problems in this country... Also considering selling the farm here and the one in Md...Put the money in something safer...maybe overseas.. Have found a nice place of about 30 acres or maybe buy a small place here and one in Montana..buy a camper and do some traveling...If the scum suckin pigs runnin this country do away with the Bush tax cuts....I'll be stuck with the properties as far as investments the tax will be extremely high when I sell...both places could be sold within 10 days if I chose to do so. i am also considering other options but personally feel the gummit has wwwaaaayyy too much control over our lives and our money. The farm in Md is worth quite a bit. Property was what I considered our investment for the future..with the change that Nobama has and is trying to give us I am losing options that I had before. The guns are just part of my concerns..If we travel like we are considering..where do I store them? Also the bank I have the expensive ones in..is charging a bit for the vault storage....but I do have more than guns in there..some jewelry I bought years ago and a couple of original pieces of artwork that are worth a bit.. I'm at the point now where I don't feel there is any SAFE investment..safe from the gummit is what I mean..cept maybe gold. The guns that have nostalgic value are of course..not worth much cash wise..and I would keep them. The older we become..it seems the less nostalgic we become...my wife has even sold some of the old family treasures but she keeps the little valuables she and I have acquired over the years at auctions and such

Go and see your tax preparer and run all of this by him/her. There is so much to talk about that it is insane. For example, does the place in MD still qualify for the $500,000 exemption for capital gains because you have lived in it 2 out of the last 5 years as your main residence? If not, you might want to think about moving back into it for 2 years before selling it. That law will not change anytime soon because they just changed it again last year for people that were taking advantage of it on rental properties. Same thing goes for the property in Wyoming.

Maybe sell the place in Wyoming and exempt that capital gain under the $500,000 exemption assuming that you and your wife are both on the deed. Then, take the money and put it in another piece of property with the increased basis.

Ultimately, you will have to take the money you get from selling the guns or the real estate and put it into another investment. Guess what, that investment will probably appreciate too, or you are doing something wrong. Even if you stick it in a bank and earn interest on it, interest is taxed as ordinary income, which will probably be the highest tax rate out there.

Then, there is the issue of passing the stuff along to your wife and/or kids after you pass on. If you pass on this year, there is no estate tax, but lets hope that doesn't happen. Congress will probably pass something regarding the estate tax for 2011, and if that is the case then your property will receive a step up in basis upon you passing on, whenever that should occur.

Ultimately, you need to sit down with a tax preparer, preferably a CPA, and work through all the scenarios. Short of selling everything and putting the money in the mattress, you are still subject to the government. Heck, what happens if you put the money in a mattress and the government decides to pursue a monetary policy of inflation to allow people to pay off debts with cheaper dollars. The money in the mattress will become worthless.

Edit to add: You might also want to sit down with an attorney that does estate planning.

[Skinny Shooter]

Hey Carl, have I ever mentioned how much of a father-figure you've been to me all these years???

[skeet]

Oh my son my son..I have beseeched you to help me with my stuff..Only thing i got was a rebuff..LOL>> Hope to see you next month..gotta go north to Shirk's and Shyda's.