To enter safe deposit box rental:
- Type safe deposit box in the Find/Search box and click search.
- Click on Jump to safe deposit box.
- Continue with the onscreen interview.
You can deduct safe deposit box rent if:
- You store taxable income-producing stocks, bonds, or investment-related papers and documents.
- You can Not deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities.
- This is a miscellaneous deductions subject to the 2% rule so most likely will not make any difference.
In taxes, the 2% rule refers to the limitation on certain types of miscellaneous deductions, including unreimbursed job-related expenses (Form 2106), tax preparation fees, investment or advisory fees, and safe deposit box rentals.
Under the 2% rule, you're only allowed to deduct the portion of miscellaneous expenses that exceeds 2% of your adjusted gross income (AGI). You must also itemize to get this deduction. See What is the 2% rule?
