How to Process A trade-In Firearm

This is a discussion on How to Process A trade-In Firearm within the FFL Dealer Discussion forums, part of the Related Topics category; Well call me green but better to ask than beg for forgiveness . I am a 01 dealer. If a customer wants to trade in ...

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Thread: How to Process A trade-In Firearm

  1. #1
    Distinguished Member Array Diddle's Avatar
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    How to Process A trade-In Firearm

    Well call me green but better to ask than beg for forgiveness.

    I am a 01 dealer. If a customer wants to trade in x-pistol for one of my y-pistols in stock. How do I process their trade-in? Call me ignorant if you choose but frankly after a couple of years as a dealer I am suddenly faced with a possible trade-in pistol and I am not really sure what to do. [yes, I can call my local BATFE agent but I thought this may also help someone else along the way.]

    Happy Thanksgiving, friends!

    D~
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  3. #2
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    Array HotGuns's Avatar
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    Not an issue. Just log it in same as you would for a purchase except that you put the name and address of the person that you got it from.
    You may want to put a note in there denoting that its a trade, but not necessary.
    When you sell it, log it out and do the 4473.
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    VIP Member Array OutWestSystems's Avatar
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    You purchased that firearm from the seller, you just purchased it for another firearm instead of cash. Record as a purchase. An important note for bookkeeping, make sure you add it to your inventory as a purchase and cross-reference the firearm you sold for it. So it equals the amount you took off the other firearm in the books, if you sell it for more, make you you record that as a gain. The AFT won't get ya for it, but the IRS will.
    ShooterGranny likes this.

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    Distinguished Member Array Diddle's Avatar
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    Thanks for the education and you all's time in providing it.

    Happy Thanksgiving!

    D~
    Diddle
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    In your bound book, record the acquisition exactly the same as you would when acquiring a new firearm. Record the Make, Model, Type (here you might include the word USED) and Serial number also include the name and address of the person you acquired the firearm from. Leave all the disposition fields blank. When you sell the firearm, add a new entry for the disposition.
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