The IRS and gun safes.

[Lurch37]

I am in the market for a gun safe, and upon searching around the net for differents brands and such, I came across an article somewhere about how you can deduct the full cost of a safe.

It went on to say that this deduction is a one time thing and also that to qualify for the deduction, you had to store your tax records inside the safe. Has anyone here heard of this, or used this deduction.

Thanks

 

[pwelsh4hd]

Yes & No, I believe.
There is indeed a provision in the tax code for a one time deduction for a security device such as a safe or safety deposit. However, I believe it is more involved and intricate than being used for tax document storage alone. In the absence of a qualified tax accountant, I recommend studying the schedule A and supporting documentation well before putting pen to paper on this deduction. (Depending on your income and other deductions, it's unlikely to make any change in your tax burden anyway. It was insignificant on mine, and made no change to the bottom line). It's also covered in depth on the official irs.gov website, and all docs are available for download in PDF.

 

[LSU12ga]

irs

on a completly unrelated topic.....
did you know that IRS workers are allowed to carry weapons?

 

[pwelsh4hd]

Absolutely they are.....wouldn't you if you worked for the tax division of the government
But seriously, don't kid yourself......the IRS is one of the most, if not the most, powerful offices in our government. Just try not paying the taxes or cheating, and see how quick search, seizure, and incarceration takes place. IRS agents wield a great deal of authority in our system.

 

[skeeter1]

Interesting question. I'd never heard about a tax write-off on a safe before. I keep one small one in the basement with important papers, and the gunsafe upstairs in one of the spare bedroom. Now that I'm retired and currently living on an income of $0, I'd guess tax right-offs are probably out of the question.

 

[a1abdj]

I am not a tax professional, but I do sell safes.

From what I've been told by various sources, there are two types of deductions you can take for a safe.

The first deduction would involve a business purchasing a safe for the day to day operations of that business. The safe is an asset which can then be depreciated over time.

The second deduction is for the storage of tax records. You can only deduct the portion of the safe used for the storage of those records. A small safe may be totally deductable, but a larger safe would not be (unless your taxes are so complex that you have 25 cubic feet of paperwork to store). So if 10% of your safe houses those records, you can take a 10% deduction.

Keep in mind that there are no gun safes on the market which carry a true fire rating, and the premise behind the deduction is protecting your records from fire. If you attempted a deduction on a gun safe, you always run the risk (although probably small) of being caught.

 

[hoghunting]

I have heard some safe salesmen with more lines than a used car dealer when it involves tax deductions. I heard one saleman telling a customer if he were to bolt the safe to the floor or the wall, the cost of the safe could be a deduction.

Being an accountant that has dealt with the IRS and many clients, I have not heard of a provision for deducting the total price of a safe for nonbusiness purposes - I haven't heard of it, so it could possibly exist.

What the IRS usually allows is a percentage of the safe can be expensed as business use - storing tax info - but the rest of the safe will personal usage - storing guns, jewelry...

Only the business percentage will be allowed as a deduction.

 

[a1abdj]

I have heard some safe salesmen with more lines than a used car dealer

Which is one of the reasons that I suggest people deal with real safe companies, and not a store that happens to sell safes.

Guys like me are similar to a new car dealership. We sell, we repair, we move, and we know a lot about our products based on real life experiences.

Many places that sell gun safes are like Walmarts. They know what they've heard from the rep that sells them their products, and nothing more.

 

[johnbt]

Somewhere on one of these gun boards I've read about a state that allows a one-time deduction. It's not Virginia.

I used to itemize my safe deposit box every year because I used it to store investment-related items. Those were the days, now I don't have enough, none really, deductions to do the long form.

John

 

[hoghunting]

a1,

Your post just beat mine and I did not see your name nor could I remember your name. I wanted to exclude you with the used car salesman line as I have read some of your previous postings and you are extremely honest and obviously don't need the lines. Your posting is exactly what I have seen involving the IRS.

 

[maas]

Keep in mind that there are no gun safes on the market which carry a true fire rating, and the premise behind the deduction is protecting your records from fire.

funny i burned down my house burning my tax records