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From: gwn@ihlpm.UUCP (Novak)
Newsgroups: net.taxes
Subject: Re: Safe Deposit Box deduction
Message-ID: <640@ihlpm.UUCP>
Date: Thu, 2-Jan-86 11:35:59 EST
Article-I.D.: ihlpm.640
Posted: Thu Jan  2 11:35:59 1986
Date-Received: Fri, 3-Jan-86 01:58:57 EST
References: <1721@cbosgd.UUCP>
Organization: AT&T Bell Laboratories
Lines: 22

> 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

I have stock certificates in my safety deposit box and every year that
I have those certificates, I take the cost of the box as a deduction
for my taxes.  I usually deduct the cost in the Miscellaneous deduction
area on schedule A.

Gary W. Novak @ A&T Bell Labs in Naperville, Il.
ihlpm!gwn