Can I deduct having safe deposit box?

[LindaA · Accepted solution]

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]