Should I get a safety deposit box?

My SDB is with my credit union, even though it's a little farther away than my bank, which also has them.

 

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for 2017 and before


for 2018 ... probably not any more but I haven't checked into it quite yet.

quick google search ....
Taxpayers are no longer allowed to take miscellaneous items deductions such as unreimbursed employee expenses, tax-preparation fees, investment fees and the cost of safe deposit boxes. ....Jan 30, 2018

 

I actually have 2018 turbotax up ....

 

Interesting. My accountant has never asked me what I had in the box, and all I had was a little jewelry (not very valuable) and important documents. We always got the deduction.

 

he's not going to ask because he wants to get you the most deductions possible.

And I've never heard of the IRS auditing someone's SDB unless there was an intrusive audit normally reserved for criminal activity. Although, I've never looked into it either. (ie, like Michael Cohen as a prime example)
"The U.S. Attorney's office in Manhattan made the filing after lawyers for Cohen and xxxxx asked a judge to block the Justice Department from reviewing records seized Monday in FBI raids on Cohen's apartment, hotel room, office and safety deposit box."

 

A common hiding spot for currency, as are coat pockets - always riffle through books before discarding; always check all pockets before donating clothing

 

SDBs are not my cup of tea. Make a one time payment for a nice, heavy, thick walled, gun safe. I even built shelving for mine. No one will be walking away with it. And besides what eles would a gun safe be used for?

 

Wasn't there a thread awhile back about not using a fire proof safe for storing coins because the fire proofing material environment will react with the coins?

 

Yes, but there are various types of fire proofing. I think the one in question was the type that has water logged material that produces steam if in a fire, to prevent the contents from catching fire. Which I think are mostly the Sentry safes and other brands.

Many gunsafes use drywall sheets.

 

Yeah some believe it will cause moisture damage but i have seen a lot of coins stored in Sentry safes and i havent seen it happen yet. If you are concerned store some silica packs in there.

 

I’ve been told that a decoy Sentry Safe is a good deterrent from having your collection found and stolen from a real safe. Thieves like easy money, so an easy-to-open safe sitting in an obvious location will attract the thieves and keep them from expecting that a far more-valuable treasure is elsewhere. The decoy safe should have some cheap slapped coins, costume jewelry, important-looking documents, and some cash.

 

Another reason to keep up on taxes. If you end up in a Revenue Officers inventory for non-filing/paying, they will take a Collection Statement (433D) and one of the questions on it is if you have a safe deposit box, and if so, the contents. This generally wouldn't come back to bite you.....unless, you are also being audited/exam, and the RO/Exam will share info. And, you sign the collection statement under penalty of purgury.

I bought a couple of the cheap walmart style stand up safes at garage sales for a few bucks each. The thin steel kind with key locks. These sit outside my hidden room that has the other 5 heavy duty safes. Anyone breaking in will expect to see guns because of my decor. In these cheap safes I keep cheap ammo, a bow, and a couple of cheap guns/gun parts. By the time they get thru screwing around breaking in them and trying to figure out what I have, they will be too tired to do much else. I purposely keep the room with the decoy safes cluttered.

 

It's called a honey-pot. It can be pretty effective unless (1) thieves make a thorough search of home or (2) a pro burglar knows you have valuable coins and can separate the sheep from the goats.

Cal

 

If i set up a decoy safe, i'd rig it to explode. Not powerful enough to damage the house, but hopefully powerful enough to take a limb off a burglar.

 

In the US, that is illegal and will send you to jail, even if the victim was a burglar. You can use weapons ONLY if you have a reasonable suspicion that your safety is in immediate danger. Booby traps, shooting a criminal running away, etc. could get you sentenced for manslaughter/murder.

 

Years ago, I had a tear gas trip bomb that I set up in my business after being burglarized. Nobody tested it for me. I tried to find one for my cabin a few months ago but couldn't find any so I went with a different type. It's called a Burglar Bomb. It dispenses food grade pepper spray, dissipates in 4 hrs, and doesn't leave any residue.

 

Depends on which state you're in, i know in Indiana a person is allowed to use deadly force to stop any unlawful entry or attack upon their legal residence, fear of bodily harm isn't required. I don't know how it is in every state, though.

 

That’s only for when you are protecting yourself at home, not for booby traps.

https://www.goshennews.com/news/loc...cle_b22ffe9e-5550-56ee-9f63-7b612a3bd950.html

https://codes.findlaw.com/in/title-35-criminal-law-and-procedure/in-code-sect-35-47-5-5-10.html

https://definitions.uslegal.com/b/booby-traps/

 

You sure know how to suck the fun out of life