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From: smh@mhuxl.UUCP (henning)
Newsgroups: net.legal
Subject: Re: Deduction for Safe Dep. Box
Message-ID: <456@mhuxl.UUCP>
Date: Sat, 11-Jan-86 15:56:26 EST
Article-I.D.: mhuxl.456
Posted: Sat Jan 11 15:56:26 1986
Date-Received: Sun, 12-Jan-86 00:38:08 EST
References: <355@decwrl.DEC.COM>
Organization: AT&T Bell Laboratories, Murray Hill
Lines: 18

> >> you can deduct the cost of a safe deposit box if you use it for important
> >> papers such as your tax forms.  
> > 
> >Sorry, but the IRS does't qualify any personal effects like important papers
> >unless the papers are held for the production of income.
> 
> 	Actually, the IRS allows deductions for expenses occured 
> 	in FILING TAX RETURNS!  This means that if your "important
> 	papers" includes tax records then it is deductible!

Gee, my safe deposit box doen't know how to file tax returns, it only stores
them.  How do I get one of those other kind?

Actually what the IRS says is: Fees charged for preparation of tax returns
are deductible.  However, rulings have determined that the cost of tax
advice is also deductible, but incidental expenses like the costs of checks
used for tax records and safe deposit boxes used for tax records are NOT
deductible.