A smart home system with firearm tracking includes a sensor network installed within a building and a control panel including an input mechanism, a display screen, a wireless transceiver, and a scanning mechanism. The system is configured to monitor at least one firearm that has an ammunition sensor, a GPS sensor, a wireless transceiver, and a magazine having a unique scannable QR code. The control panel receives user identification information via the input mechanism or an external remote device, generates a user profile that includes the identification information, scans the unique QR code of the firearm magazine, assigns the magazine to a selected user profile, and receives an ammunition count from the firearm as detected by the ammunition sensor. The system can send location and ammunition change notifications to the control panel display, external user devices, and emergency authorities to enhance the safety of the firearm user and general public.