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Path: utzoo!watmath!clyde!cbosgd!bah
From: bah@cbosgd.UUCP (Bruce Hartsough)
Newsgroups: net.taxes
Subject: Safe Deposit Box deduction
Message-ID: <1721@cbosgd.UUCP>
Date: Mon, 30-Dec-85 14:32:41 EST
Article-I.D.: cbosgd.1721
Posted: Mon Dec 30 14:32:41 1985
Date-Received: Tue, 31-Dec-85 03:34:15 EST
Organization: AT&T Bell Laboratories, Columbus, Oh
Lines: 14

Can anyone help me out regarding the circumstances in which one can deduct
the cost of a safe deposit box?  The instructions with the 1040 last year
said that you could deduct this as an Expense of Producing Income, if you
used it to store "interest-bearing papers" or something to that effect.  This
year's instructions mention this as an example of something used "to manage
or protect property held for producing income".  I am holding some fairly
valuable old coins and proof sets in my box, but I don't know if that counts
as income producing property before they are sold, or how loosely this can
be applied.

Any references or experiences with this would be appreciated.

Bruce Hartsough
..!cbosgd!bah