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Does a safe deposit box rental fee qualify as a deduction?

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Deluxe Online

Best answer by Doc5108

Safe Deposit Box Rent (Fee)
You can deduct safe deposit box rent if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. You can Not deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities. This is a miscellaneous deductions subject to the 2% rule so most likely will not make any difference.

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Doc5108Answer

Employee

Safe Deposit Box Rent (Fee)
You can deduct safe deposit box rent if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. You can Not deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities. This is a miscellaneous deductions subject to the 2% rule so most likely will not make any difference.

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saini

THIS ANSWER IS WRONG. IT IS 100% INCORRECT. DO NOT FOLLOW IT.

Doc5108: YOU ARE 100% WRONG. YOUR ANSWER IS 100% INCORRECT. YOU ARE CLEARLY INCOMPETENT TO GIVE TAX ADVICE. DON'T GIVE TAX ADVICE.

MISCELLANEOUS EXPENSES ARE NOT DEDUCTIBLE STARTING IN 2018. IF YOUR ANSWER HAD BEEN WRITTEN 2 YEARS EARLIER, IT WOULD HAVE BEEN OK. BUT YOU WROTE IT IN 2019; IT WAS WRONG AND HAD BEEN WRONG SINCE THE BEGINNING OF THE PREVIOUS YEAR.

Miscellaneous Expenses, such as safe deposit box rental fees for storing financial instruments, are not deductible starting Jan. 1, 2018

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xmasbaby0

Employee

@saini Actually the response about safe deposit boxes WAS written a couple of years ago and was correct when written. When the user forum changed from Answer Xchange to Real Money Talk in June 2019, many old threads migrated over with 2019 dates, This is of course confusing to users--but please do not jump to the conclusion that the person who answered the original question is incompetent. That response was correct when written for 2017 or earlier.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**