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Path: utzoo!watmath!clyde!cbosgd!ihnp4!ihuxk!rs55611
From: rs55611@ihuxk.UUCP (Robert E. Schleicher)
Newsgroups: net.taxes
Subject: Re: Safe Deposit Box deduction
Message-ID: <1045@ihuxk.UUCP>
Date: Thu, 2-Jan-86 14:13:28 EST
Article-I.D.: ihuxk.1045
Posted: Thu Jan  2 14:13:28 1986
Date-Received: Fri, 3-Jan-86 02:05:23 EST
References: <1721@cbosgd.UUCP>
Organization: AT&T Bell Laboratories
Lines: 23

> 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

If storing coins doesn't seem solid enough as a reason, just go
out and buy a savings bond ($25 or so), and stick it in the safe deposit
box.  That meets the letter of the law.  In reality, no one is ever going 
to know what's in their anyway, so the important thing is to just hold on
to the receipt for the box rental.

Bob Schleicher
ihuxk!rs55611