MSP Barracks transfer etiquette

Local2 · May 1, 2013

I need a little help. I'll keep this quick...

I am transferring (first time) a lower to a friend via MSP near his house. I know waits are long, so do I take the money when we drop it off at the barracks and say to my friend "It's your problem now". I would like to invest the money as soon as I receive his payment, or do I wait until he has received his "OK" from the MSP that the transfer is complete. Please advise.

PS, also are there taxes I need to pay on my "income" from the sale?

Thanks guys...

Skins_Brew · May 1, 2013

Local2 said:
I need a little help. I'll keep this quick...

I am transferring (first time) a lower to a friend via MSP near his house. I know waits are long, so do I take the money when we drop it off at the barracks and say to my friend "It's your problem now". I would like to invest the money as soon as I receive his payment, or do I wait until he has received his "OK" from the MSP that the transfer is complete. Please advise.

PS, also are there taxes I need to pay on my "income" from the sale?

Thanks guys...

You dont drop the lower off at the barracks. You keep it until you get the "Not dissapproved" letter or 7 days (that is a whole separate thread though).

I would wait until you get the OK. Your buddy would be pretty pissed if he couldn't possess the lower AND you told him you spent the money.

I wouldn't worry about the tax thing. You already paid a tax when you bought the lower in the first place.

BUFF7MM · May 1, 2013

Transfer it to your friend on the 8th day, it's the law on the books, so follow it like it was meant to be used.

matt · May 1, 2013

Skins_Brew said:
You dont drop the lower off at the barracks. You keep it until you get the "Not dissapproved" letter or 7 days (that is a whole separate thread though).

I would wait until you get the OK. Your buddy would be pretty pissed if he couldn't possess the lower AND you told him you spent the money.

I wouldn't worry about the tax thing. You already paid a tax when you bought the lower in the first place.

When you receive payment between you and other party- up to YOU.

You can not transfer the item until after at least 7 days beyond completing the paperwork at MSP. Afterwards, make sure you both transfer the items, sign and date the paperwork on the 8th day. And receive payment. (You might also want to do a bill of sale as well)

Everyone's tax situation is different. If you had a gain from the sale of the item, it is very likely your legally required to pay income tax on it. MSP is not the IRS or MD comptroller, and they likely do not know your cost and profit, if any...... I'd encourage you to speak with a accountant for the specific requirements in your situation

Local2 · May 1, 2013

matt said:
When you receive payment between you and other party- up to YOU.

You can not transfer the item until after at least 7 days beyond completing the paperwork at MSP. Afterwards, make sure you both transfer the items, sign and date the paperwork on the 8th day. And receive payment. (You might also want to do a bill of sale as well)

So, we fill out the paperwork together on the first visit to the MSP with said lower and then take our portion of the paperwork and the lower with us. We can then sign that portion of the paperwork ourselves on the 8th day and I can legally give him the lower. When the MSP informs him of the "not disapproved" status, whether its 9 or 90 days later, he can go alone to MSP to complete the transaction without me and lower together, or do I need to go with him again with the lower? Sorry, I'm now being methodical.

BUFF7MM · May 1, 2013

Local2 said:
So, we fill out the paperwork together on the first visit to the MSP with said lower and then take our portion of the paperwork and the lower with us. We can then sign that portion of the paperwork ourselves on the 8th day and I can legally give him the lower. When the MSP informs him of the "not disapproved" status, whether its 9 or 90 days later, he can go alone to MSP to complete the transaction without me and lower together, or do I need to go with him again with the lower? Sorry, I'm now being methodical.

If you are the seller you take the lower with you after the initial visit to MSP and hold it until the 8th day upon which time you can, by law, give it to the buyer.
The MSP will send you the paperwork after they do their background checks (50+ days), when you get the paperwork meet up with the buyer again, sign the paperwork again, then mail it back to The MSP.

Mooseman · May 1, 2013

Buff7mm said:
Transfer it to your friend on the 8th day, it's the law on the books, so follow it like it was meant to be used.

Buff7mm said:
If you are the seller you take the lower with you after the initial visit to MSP and hold it until the 8th day upon which time you can, by law, give it to the buyer.
The MSP will send you the paperwork after they do their background checks (50+ days), when you get the paperwork meet up with the buyer again, sign the paperwork again, then mail it back to The MSP.

Buff is right. Do it just like this.

Local2 · May 1, 2013

Thank you, Buff7mm. Glad to know that there is only one trip to the MSP that is required. I understand why an FFL wouldn't want to release a purchase after the 7th day due to there being so many that fall into this category right now, but a 1 to 1 transfer seems like the easier route to go since they send you the paper and all you need to do is sign it with the buyer and send it back.

How soon do they want the signed paper back?

BUFF7MM · May 1, 2013

Local2 said:
Thank you, Buff7mm. Glad to know that there is only one trip to the MSP that is required. I understand why an FFL wouldn't want to release a purchase after the 7th day due to there being so many that fall into this category right now, but a 1 to 1 transfer seems like the easier route to go since they send you the paper and all you need to do is sign it with the buyer and send it back.

How soon do they want the signed paper back?

It's either 30 or 90 days, I honestly can't remember.

rmiddle · May 1, 2013

Local2 said:
Thank you, Buff7mm. Glad to know that there is only one trip to the MSP that is required. I understand why an FFL wouldn't want to release a purchase after the 7th day due to there being so many that fall into this category right now, but a 1 to 1 transfer seems like the easier route to go since they send you the paper and all you need to do is sign it with the buyer and send it back.

How soon do they want the signed paper back?

FFL have to also deal with Federal laws but as a private sale between two people in the same state you don't have to care. Also the MSP prioritizes these sales because you can legally release them after 7 days they push those to the top to the stack. I remember reading someone got there paperwork from the MSP in 10 days since they know the weapon can be released after 7 days.

Thanks
Robert

Chris0nllyn · May 1, 2013

Make sure you get a money order, or check.

They don't take cash.

Mooseman · May 1, 2013

rmiddle said:
FFL have to also deal with Federal laws but as a private sale between two people in the same state you don't have to care. Also the MSP prioritizes these sales because you can legally release them after 7 days they push those to the top to the stack. I remember reading someone got there paperwork from the MSP in 10 days since they know the weapon can be released after 7 days.

Thanks
Robert

That was me.

stu929 · May 1, 2013

I did one and because of schedules couldn't meet the buyer for 3 weeks still no paperwork but signed it over as we both have busy schedules. As for msp they just said mail back the copy I had that I had him sign on the day I transferred it to him.

Mooseman · May 1, 2013

stu929 said:
I did one and because of schedules couldn't meet the buyer for 3 weeks still no paperwork but signed it over as we both have busy schedules. As for msp they just said mail back the copy I had that I had him sign on the day I transferred it to him.

The trooper also gave me bad advice. When you get the paperwork from MSP back it will contain the proper instructions.

BUFF7MM · May 1, 2013

The letter that is sent along with the paperwork will tell you how long you have to return the paperwork.

Local2 · May 1, 2013

All you guys.... Thanks so much for demystifying the process.

My buddy and I meet this Sat. morning at the barracks. Done and done!

bm3r · May 5, 2013

Local2 said:
All you guys.... Thanks so much for demystifying the process.

My buddy and I meet this Sat. morning at the barracks. Done and done!

Hey bud can you walk us step by step what you did starting at the barracks? Also hours of operation?

Kinetic · May 5, 2013

bm3r said:
Hey bud can you walk us step by step what you did starting at the barracks? Also hours of operation?

Good question.

Do you have to make an appointment or can you just walk in?
Do both people involved in the transaction have to be there?
Does the item being transferred have to physically be taken to the barracks?
What types of proof of residence are acceptable/required?

Thanks in advance. I may be doing this soon and smooth is good.

Haides · May 5, 2013

matt said:
Everyone's tax situation is different. If you had a gain from the sale of the item, it is very likely your legally required to pay income tax on it. MSP is not the IRS or MD comptroller, and they likely do not know your cost and profit, if any...... I'd encourage you to speak with a accountant for the specific requirements in your situation

Wait, what? Since when do we pay taxes on private sales?

dc44 · May 5, 2013

Haides said:
Wait, what? Since when do we pay taxes on private sales?

Not a lawyer or a CPA, but I would think sales taxes are expected to be paid for all sales, whether the seller does the collection and reporting for you or not. You are expected to self-report/voluntarily disclose the amount that you owe the state. Online sellers like amazon currently enjoy pseudo tax-free status because their sales are typically "across state lines," but the laws regarding such sales are a bit of a recently developed gray area left to be defined.

It's unenforced and almost no one ever self-reports, but you're not going to get through a day of your life without breaking a law somewhere.

MSP Barracks transfer etiquette

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