Retailer Gun Purchase Questionnaire

[Dub]

Guess I'll step out of the lurker lounge for a minute and ask a question to which I have not been able to search out here. I purchased a new Shield 9 from Academy a few weeks ago and completed the standard gun buyer questionnaire. What typically becomes of those forms we are required to fill out when we purchase from a retailer?
Apologies if this has been covered in detail previously but as mentioned I was not able to locate a thread addressing this.
Thanks in advance.

[jmra]

Guess I'll step out of the lurker lounge for a minute and ask a question to which I have not been able to search out here. I purchased a new Shield 9 from Academy a few weeks ago and completed the standard gun buyer questionnaire. What typically becomes of those forms we are required to fill out when we purchase from a retailer?
Apologies if this has been covered in detail previously but as mentioned I was not able to locate a thread addressing this.
Thanks in advance.

They are kept by the FFL you purchased the firearm from. Given the number of firearms academy sells in a short period of time it will be in a cardboard file box on top of a self in the warehouse.

[The_Busy_Mom]

We are required to keep those forms for 20 years. Yes, 20 years. If the retailer goes out of business, the retailer sends the forms to the ATF for warehousing. The ATF can view those forms any time they need to, and the forms can/may be subject to a subpoena if something happens and law enforcement needs to trace a firearm. The form is called a 4473.

TBM

[MeMelYup]

After 20 years what do you do with them?

[G.A. Heath]

After 20 years what do you do with them?

They can destroy them or continue to keep them. However, they must be treated like tax records so they can't just go share them with friends.

[TomsTXCHL]

We are required to keep those forms for 20 years. Yes, 20 years.

Wow!

I don't suppose you can do anything electronical with these e.g. scan them to PDF files...? Didn't think so.

When one purchases a home, and in anticipation that the home will be sold at some time in the future, in order to avoid cap gains tax on the home sale one always wants to keep receipts for home improvement purchases including contractor bills and etc. Some store receipts fade impossibly after a very short time! So we scan-to-PDF all such docs, which BTW saved our bacon awhile back when we were audited.

Anyway I can imagine these might become a storage (and retrieval) problem for a retailer after a while huh!

[jmra]

We are required to keep those forms for 20 years. Yes, 20 years.

Wow!

I don't suppose you can do anything electronical with these e.g. scan them to PDF files...? Didn't think so.

When one purchases a home, and in anticipation that the home will be sold at some time in the future, in order to avoid cap gains tax on the home sale one always wants to keep receipts for home improvement purchases including contractor bills and etc. Some store receipts fade impossibly after a very short time! So we scan-to-PDF all such docs, which BTW saved our bacon awhile back when we were audited.

Anyway I can imagine these might become a storage (and retrieval) problem for a retailer after a while huh!

Most people are not going to have to worry about capital gains on the sale of their main home. As a married couple you get $500,000 profit exemption. I doubt very seriously I'll ever sell a home and see a profit of $500,000.
http://www.irs.gov/taxtopics/tc701.html

[MeMelYup]

After 20 years what do you do with them?

They can destroy them or continue to keep them. However, they must be treated like tax records so they can't just go share them with friends.

That bothers me. I would rather they had to be destroyed on the 21st year.

[hillfighter]

Anyway I can imagine these might become a storage (and retrieval) problem for a retailer after a while huh!

[oohrah]

Indiana Jones protects us.

[TomsTXCHL]

Most people are not going to have to worry about capital gains...

Maybe, but as I said our sale was audited, we were very close to exceeding the $500K, and will certainly have again to demonstrate Improvement costs with our current property when the time comes to sell.

When you buy a fixer-upper, or bare land then build on it, you'd better keep all your cost receipts!

[jmra]

Most people are not going to have to worry about capital gains...

Maybe, but as I said our sale was audited, we were very close to exceeding the $500K, and will certainly have again to demonstrate Improvement costs with our current property when the time comes to sell.

When you buy a fixer-upper, or bare land then build on it, you'd better keep all your cost receipts!

You do understand that is $500K in profit on the property? If you are close to exceeding that you are in very small company.

[TomsTXCHL]

Most people are not going to have to worry about capital gains...

Maybe, but as I said our sale was audited, we were very close to exceeding the $500K, and will certainly have again to demonstrate Improvement costs with our current property when the time comes to sell.

When you buy a fixer-upper, or bare land then build on it, you'd better keep all your cost receipts!

You do understand that is $500K in profit on the property? If you are close to exceeding that you are in very small company.

Yessir, I do understand.

Given my (very) humble beginnings, a tribute perhaps to hard work (and no children!).

[Dub]

Thanks for the info. I was just curious about the paper trail.

[The_Busy_Mom]

Sorry guys - been super busy with the retail business and website. I've been eating and breathing Product Code Listings....

Yes, we can destroy the 4473 after 20 years. But we still must maintain our Bound Book, which is the acquisition/disposition of firearms. You cannot destroy the bound book - it is sent to the ATF when you go out of business, no matter how long it's been. It can be a storage issue for all those 4473s - I hope to eventually have that problem if it means our business is a huge success!

TBM