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Donating Firearms
RCrosby
Member Posts: 3,808 ✭✭✭
I have a unique M-1 Carbine that I've been told may be quite valuable.
A family heirloom and I'm interested in the possibility of donating it to a museum.
No idea how to proceed.
Any suggestions or experiences greatly appreciated.
Thanks,
RC
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Comments
Call the museum???
1st you have to find a museum that is interested in such things, possibly the NRA museum in Virginia ?
Government museums, which include state an local governments, can accept firearms donations using BATF Form 10, which is quickly always approved. Once the firearms are in the museum on a Form 10, those firearms can only be transferred to another museum, an LE agency, or the US military. They will never be resold to the public or to dealers.
Private museums can acquire firearms in the same way that a cooperation acquires them. An officer of the museum signs the paperwork and takes the firearm with him. Understand that under those circumstances the museum is free to sell the gun and pocket the money.
IMO, if the carbine is extremely valuable, sell it and then make a sizeable donation to the museum. Most museums only need representative examples of firearms for use in a display or diorama and do not need rare or collectible examples.
I purchased a numer of guns from the NRA Museum at the NRA Collectors Show in Nashville in th emid 1990s. So you gun may be sold. The museum will ultimately decide whether or not to cash out a donated gun.
If You donate this carbine you will need to get a professional appraisal by an independent party since the museum cannot appraise the gun for tax deduction purposes. Note deductability from state taxes may not apply. They would not here in Indiana.
I have 5 High Standard T-3 9mm pistols that I am not sure what I am going to do with - sell or donate. I also have one of High Standard's prototypes submitted for the second round of the light rifle trials which resulted in WInchester's design being accepted as teh winning entry and which became th M-1 carbine.
Mark and John,
All comments greatly appreciated. Will search for a reputable independent appraiser, then sell and donate the proceeds.
Rob
You might want to check out this museum:
Neal
Rob, You don't need an appraiser if you are going to sell it and donate the procedes. You only need an appraiser if you are donating the acutal fire arm since the IRS will not take your word for its market value that you will be deducting on your taxes.
John,
I understand your point on the appraiser. Because of its unique nature I've been told by one supposed "expert" that it could be worth $7,000.00 to $10,000.00.
Don't want to end up giving it away but also don't want to place an unrealistic minimum bid on it .
So, I want a reasonable "ballpark", even if it's a large one, before I put it out there.
Another possibility, if it were to interest you, would be to put the rifle on loan to a museum. I don’t know the exact details of how it works, but people do it all the time. As I understand, there is a contract, and you specify the duration and terms of the loan. That way, they rifle gets to go on display, the museum benefits, and you or your family get to retain ownership as the value continues to go up. Down the road, you can always choose to donate it. However, that option will be yours, depending on the circumstances of the time.
Interesting. I'll look into it. Thanks, Frogdog.