Possibly, but only if you itemize deductions (Schedule A) and use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. Enter your safe deposit box fee as an investment expense. Investment expenses are part of the miscellaneous expenses that aren't fully deductible as they are subject to the 2% rule. To enter your safe deposit box fees:Continue working on your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)Click Tax Tools (lower left side of your screen).Select Tools.In the pop-up window, select Topic Search.In the I'm looking for: box, type safe deposit box.In the results box, highlight safe deposit box, then click GO.On the Other Investment Expenses screen, click Yes.Enter your safe deposit box fees and click Continue. (Click the screenshot below for reference.) Note: If using the TurboTax CD/Download software, you'll use the Find function and "Jump to" link (instead of "Tax Tools") to search for the topic.[Edited 04.08.2018 I 11:51AM PDT]

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user732073

Level 1

Solved

Can I deduct having safe deposit box?

Forum|Forum|7 years ago
June 3, 2019
3 replies
64 views

No text available

TurboTax Deluxe Online

Best answer by LindaA

Possibly, but only if you itemize deductions (Schedule A) and use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. Enter your safe deposit box fee as an investment expense. Investment expenses are part of the miscellaneous expenses that aren't fully deductible as they are subject to the 2% rule.

To enter your safe deposit box fees:

Continue working on your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
Click Tax Tools (lower left side of your screen).
Select Tools.
In the pop-up window, select Topic Search.
In the I'm looking for: box, type safe deposit box.
In the results box, highlight safe deposit box, then click GO.
On the Other Investment Expenses screen, click Yes.
Enter your safe deposit box fees and click Continue. (Click the screenshot below for reference.)

Note: If using the TurboTax CD/Download software, you'll use the Find function and "Jump to" link (instead of "Tax Tools") to search for the topic.

[Edited 04.08.2018 I 11:51AM PDT]

LindaAAnswer

Level 10

To enter your safe deposit box fees:

Continue working on your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
Click Tax Tools (lower left side of your screen).
Select Tools.
In the pop-up window, select Topic Search.
In the I'm looking for: box, type safe deposit box.
In the results box, highlight safe deposit box, then click GO.
On the Other Investment Expenses screen, click Yes.
Enter your safe deposit box fees and click Continue. (Click the screenshot below for reference.)

Note: If using the TurboTax CD/Download software, you'll use the Find function and "Jump to" link (instead of "Tax Tools") to search for the topic.

[Edited 04.08.2018 I 11:51AM PDT]

Krg1220

Level 2

Thank you

xmasbaby0

Level 15

@Krg1220 You are on a very old thread from years ago. The tax laws have changed. If you are looking for a way to get a deduction for a safe deposit box, you cannot do that any more. Is that what you were saying "thank you" for? Do you have some other question or issue?

**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.**