Tax payers with many deductions prefer to itemize rather than take the standard deduction when filing taxes. If you operate a business, a variety of deductions is possible. Someone who runs a home office may purchase a home safe to keep business items secure. You can also deduct fees associated with renting a safety deposit box. It is important to make sure your safe is being used for business purposes only; otherwise, you will not be able to deduct the costs.
Step 1
Keep copies of all receipts. When deducting a safe, you will need to provide proof of how much you paid for the safe and any installation charges. You will receive a one-time deduction for the purchase of the safe.
Step 2
Use the safe exclusively for business. If you deposit items related to operating the business, you can claim the deduction. Do not place any personal items in the safe, however. For example, according to the IRS, you can claim the deduction if the box is used to store documents pertaining to the business, including stocks, bonds and investment records.
Step 3
Report the deduction. If you are claiming the purchase of the safe, report the deduction on Form 8829, Expenses for Business Use of Your Home. You will need to add all additional deductions. If you choose to deduct the cost of renting a safety deposit box, use Schedule A to report the claim in the miscellaneous section.