Check with your tax advisor, but if you store financial documents in your safe, i.e. tax returns, you can deduct the cost of the safe if you itemize deductions. It’s done over a number of years, and it’s a benefit most folks are not aware of.
"Everybody wants to go to heaven, but nobody wants to die." Joe Louis
Posts: 516 | Location: Idaho | Registered: January 17, 2012
I went with American Security. They had better security/fire options than Liberty. Liberty had more features.
-- Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past me I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain. --
Posts: 14254 | Location: New Mexico | Registered: October 14, 2005
Originally posted by Sourkraut: Check with your tax advisor, but if you store financial documents in your safe, i.e. tax returns, you can deduct the cost of the safe if you itemize deductions. It’s done over a number of years, and it’s a benefit most folks are not aware of.
I've heard only the percentage of the safe used for document storage is deductible, so a whole gun safe may not fly.
A business buying a safe would be different. That would be a business expense and depreciated over time.
Posts: 481 | Location: WV | Registered: May 30, 2013
Consider the value of the items going in the safe, also figure the amount of time a criminal would have to defeat the safe and or the fire protection that you are likely to need. The longer a crook will have to work on the safe and the higher the value of the contents, then the better safe you should consider. Not much chance of someone carrying it out of your condo without being detected.
Posts: 1356 | Location: Spokane, WA | Registered: June 23, 2008