Lock up deduction for safe-deposit box â€” Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Q. I rent a safe-deposit box at our local bank. Can I deduct the cost on my tax return? P.P., Laurel, Md.
A. Maybe. Assuming that you use the box to store documents and certificates relating to your investment activities, you can deduct the cost as a miscellaneous expense. Take note that you can deduct your miscellaneous expenses only to the extent that they exceed 2 percent of your adjusted gross income.