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Rembrandt......

JustCJustC Member Posts: 16,056 ✭✭✭
edited May 2002 in General Discussion
How does the tax deduction thing work with reguards to a safe? I wouldn't mind knocking that off my next tax return. Thanks.

A great rifle with a junk scope,....is junk.
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Comments

  • RembrandtRembrandt Member Posts: 4,486 ✭✭
    edited November -1
    ...as long as you store your tax records in the safe, the safe then becomes deductible like a bank deposit box would. Probably won't be able to deduct the entire amount in one year...depends on income level and cost of safe...check with an accountant first. This may need to be depreciated over a number of years.
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  • JustCJustC Member Posts: 16,056 ✭✭✭
    edited November -1
    Rembrandt, thank you very much. I will ask about it and then you can bet, I will keep every penny from uncle sam that I can lawfully manage. My records are kept right across the room in a file cabinet, so the change shouldn't be hard.

    A great rifle with a junk scope,....is junk.
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  • OtomanOtoman Member Posts: 554 ✭
    edited November -1
    JustC I checked with my accountant this year on that very thing and she told me you have to depreciate it over 3 or 5 years but I can't remember which! OTO H & R Block can tell you with a phone call!

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  • JustCJustC Member Posts: 16,056 ✭✭✭
    edited November -1
    Otoman, I purchased the safe several years back. Can I start the depreciation now? or would they have expected me to start in the first year I purchased it? Thanks.

    A great rifle with a junk scope,....is junk.
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