Can I claim the $28 fee for my safe deposit box at the bank?

[ssimpkins2581]

Where in Turbotax do I enter this?

[DDollar · Accepted solution]

[Edited 01-08-2019]  This answer applies to tax years prior to 2018.  Starting in 2019 there are no miscellaneous itemized deductions.

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't deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities.

If it qualifies, you can deduct it and certain other expenses as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). You can claim the amount of expenses that is more than 2% of your adjusted gross income. You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. Your adjusted gross income is the amount on Form 1040, line 38, or Form 1040NR, line 37. See Publication 529 for more information, including a list of other miscellaneous itemized deductions you might be able to take.

[Cattlerancher]

Safety deposit box rental fees are deductible under Retirement and Investments, Other Investment Expenses.

View the page snip below;

[saini]

STARTING IN 2018 THERE ARE NO MISCELLANEOUS EXPENSES ALLOWED ON SCHEDULE A (ITEMIZED DEDUCTIONS).  DO NOT GIVE TAX ADVICE IF YOU ARE INCOMPETENT TO GIVE IT. 

[saini]

CATTLERANCHER:  STAY IN YOUR LANE.  YOUR ANSWER IS 100% INCORRECT.  YOU CLEARLY ARE NOT QUALIFIED TO GIVE TAX ADVICE, SO DON'T GIVE IT. 

[saini]

DDollar wrote, "Starting in 2019 there are no miscellaneous itemized deductions."  That is incorrect, as the miscellaneous expenses are not deductible STARTING IN 2018. 

[saini]

You don't, because it is NOT DEDUCTIBLE. 

[xmasbaby0]

The answers in the beginning of this thread seem incorrect now because they are OLD.  When the user forum changed from Answer Xchange to Real Money Talk in June 2019, a lot of old threads migrated over with June 2019 dates on them, even though they may have been a year or more older.  At the time the reply was given, the answer was correct--but the tax laws changed.

[johnrgosnell]

Safety deposit box fees?

[xmasbaby0]

@johnrgosnell No, you cannot deduct safety deposit box fees on a federal tax return.  The "2%" miscellaneous federal deductions were eliminated by the tax laws that changed for 2018 and beyond.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...