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From: wouk@duke.UUCP (Arthur Wouk)
Newsgroups: net.legal
Subject: Re: Deduction for Safe Dep. Box
Message-ID: <6783@duke.UUCP>
Date: Tue, 14-Jan-86 09:20:14 EST
Article-I.D.: duke.6783
Posted: Tue Jan 14 09:20:14 1986
Date-Received: Mon, 20-Jan-86 04:48:38 EST
References: <355@decwrl.DEC.COM> <456@mhuxl.UUCP>
Reply-To: wouk@duke.UUCP (Arthur Wouk)
Organization: Duke University
Lines: 27

The expense of a safety deposit box used for the storage of financially
valuable items, such as stocks, bonds, certificates of deposit,
is a legitimate deduction under the miscellaneous deductions item on
Forms A&B. This deduction bears no relation to the deduction
for assistance in the preparation of tax returns, but is related to an
expense incurred in the production of income.


In article <456@mhuxl.UUCP> smh@mhuxl.UUCP (henning) writes:
>> >> 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.