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A friend of mine has lost his FOID due to mental depression issues.

 

He asked me to take possession of his handguns and I have done that.

 

He would like these sold.

 

What would I need from him to take these to a dealer or a private individual to sell these.

 

Any advice will be much appreciated.

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There should be a record documenting the transfer to you. At that point they're yours as far as disposition and sale is concerned.

When transferring follow the FOID rules for documentation and waiting periods.

 

But, do post them here, you may find a quicker and safer sale doing so.

They still belong to the friend, so they're still the friend's to sell. Any sale transacted on the friend's behalf must have the friend's approval, otherwise it's theft.

 

Meanwhile, aka is acting as the friend's agent and has to follow all transfer rules, etc. etc., etc. It would be worthwhile to get the friend's signature on any paperwork as the seller.

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There should be a record documenting the transfer to you. At that point they're yours as far as disposition and sale is concerned.

When transferring follow the FOID rules for documentation and waiting periods.

 

But, do post them here, you may find a quicker and safer sale doing so.

They still belong to the friend, so they're still the friend's to sell. Any sale transacted on the friend's behalf must have the friend's approval, otherwise it's theft.

 

Meanwhile, aka is acting as the friend's agent and has to follow all transfer rules, etc. etc., etc. It would be worthwhile to get the friend's signature on any paperwork as the seller.

 

So even after my friend transfers the guns to me they still belong to him ? Could he and I not sign a bill of sale where he "sells" me the guns for $0.01 each? He is going to loose his FOID and does not want these around.

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There should be a record documenting the transfer to you. At that point they're yours as far as disposition and sale is concerned.

When transferring follow the FOID rules for documentation and waiting periods.

 

But, do post them here, you may find a quicker and safer sale doing so.

 

 

They still belong to the friend, so they're still the friend's to sell. Any sale transacted on the friend's behalf must have the friend's approval, otherwise it's theft.

Meanwhile, aka is acting as the friend's agent and has to follow all transfer rules, etc. etc., etc. It would be worthwhile to get the friend's signature on any paperwork as the seller.

 

 

 

So even after my friend transfers the guns to me they still belong to him ? Could he and I not sign a bill of sale where he "sells" me the guns for $0.01 each? He is going to loose his FOID and does not want these around.

Like mentioned, I would just get friend to write up a form saying he gives you permission to sell the following guns (list guns on the form).

 

I wouldn't fret over the permission thing after that. Follow FOID laws, good to go.

 

Sent from my SM-G955U using Tapatalk

 

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He doesnât need to sell them to you. He can simply gift them to you. He just needs to record the transfer and abide by whatever waiting times are appropriate.

 

Once transferred to you, you can dispose of them in whatever legal manner you see fit.

 

There are no restrictions (other than IRS) for you gifting cash to your friend to help him out.

 

The two gifts need not be related.

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There should be a record documenting the transfer to you. At that point they're yours as far as disposition and sale is concerned.

When transferring follow the FOID rules for documentation and waiting periods.

 

But, do post them here, you may find a quicker and safer sale doing so.

They still belong to the friend, so they're still the friend's to sell. Any sale transacted on the friend's behalf must have the friend's approval, otherwise it's theft.

 

Meanwhile, aka is acting as the friend's agent and has to follow all transfer rules, etc. etc., etc. It would be worthwhile to get the friend's signature on any paperwork as the seller.

 

If I understand it correctly when the ISP sends him the letter notifying him his FOID was cancelled they will also send him a form he must fill out and return asking for the disposition of any firearms he owned. He would make sure he documents the transfer to a valid FOID holder - you.

 

Please correct me if I’m wrong on that count.

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If I understand it correctly when the ISP sends him the letter notifying him his FOID was cancelled they will also send him a form he must fill out and return asking for the disposition of any firearms he owned. He would make sure he documents the transfer to a valid FOID holder - you. Please correct me if Iâm wrong on that count.

 

Yep, and a copy goes to his local law enforcement agency.Sent from my SM-G955U using Tapatalk

 

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There should be a record documenting the transfer to you. At that point they're yours as far as disposition and sale is concerned.

When transferring follow the FOID rules for documentation and waiting periods.

 

But, do post them here, you may find a quicker and safer sale doing so.

They still belong to the friend, so they're still the friend's to sell. Any sale transacted on the friend's behalf must have the friend's approval, otherwise it's theft.

 

Meanwhile, aka is acting as the friend's agent and has to follow all transfer rules, etc. etc., etc. It would be worthwhile to get the friend's signature on any paperwork as the seller.

 

So even after my friend transfers the guns to me they still belong to him ? Could he and I not sign a bill of sale where he "sells" me the guns for $0.01 each? He is going to loose his FOID and does not want these around.

 

Without a FOID, he isn't allowed to have access to them (in Illinois). They are still property. The suspension/revocation of his FOID is not the suspension/revocation of his property rights. He doesn't have to transfer ownership of them to anyone. He just has to put them in someone else's custody, which is your custody, in this case.

 

Presumably you're going to give him the money from all the sales, since you're selling his property for him.

 

Theoretically, he could also drive them across a state line and stick them in a locker (instead of disposing of them into your custody), the same way anyone who never had a FOID can own guns, but just cannot have them with him in Illinois. In that case, the ISP would still want to know what he did with them, which could be a hassle and isn't what's happening, anyway.

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He doesnât need to sell them to you. He can simply gift them to you. He just needs to record the transfer and abide by whatever waiting times are appropriate. Once transferred to you, you can dispose of them in whatever legal manner you see fit. There are no restrictions (other than IRS) for you gifting cash to your friend to help him out. The two gifts need not be related.

The annual gift tax exemption for 2020 is $15000 per person (recipients). On top of that the lifetime gift exemption is $11.58 million. So gift tax per se is not an issue, unless this is one of the largest person-to-person gun value transfers in history.

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its not complicated people.

 

1. He OWNS the guns. Possession does not equal ownership. Felons can OWN guns while serving prison time. They just cannot POSSESS them.

 

2. You are his bailee or bailor, I always get the two mixed up. His guns in your possession, you are responsble for their safekeeping

 

3. If he wants you to take them to a dealer and sell them, write up what the deal is, list by serial number, and do it. He is not gifting you squat. He is not selling them to you. He wants to you take them to a dealer and sell them. Put it in writing, and do it . The only person that responded to you that is correct is Euler. The rest of the posters were babbling BS.

 

If your near the Metro East, I am a dealer, and would be happy to help.

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