Private sales in Indiana do not require collecting sales tax.
Do you collect tax at a garage sale? That hopefully answers it for you.
The only way I know of where you would have to collect and pay a tax is if you do so as a business where you have been issued a Retail Merchants Certificate after submitting a BT-1 form.
Example: You buy one (1) pound of gold for $10,000 many years ago. Today you sell it for $26,480. So you have made a profit (capital gain) of $16,480. Legally you are to report this on your income tax statement.
Doug
To Vxtip (et alia),
As you are required with ANY investment you are legally required to report ANY capital gains for income tax puposes for yourself.
Example: You buy one (1) pound of gold for $10,000 many years ago. Today you sell it for $26,480. So you have made a profit (capital gain) of $16,480. Legally you are to report this on your income tax statement.
A firearm is NO different.
After the latest fiscal cliff fiasco (which cost me two (2) nickels in bets) the current capital gains rate is 20% of the appreciation of the asset. This profit may be offset by other losses.
Enforcement? That is another issue entirely. I am only answering what the law requires.
Regards,
Doug