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Itemized Deductions Schedule-A


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Old 11-27-2010, 02:54 PM
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Red face tax break for a new safe designed to protect documents

Tax Gurus,
I know that this could be perceived as a stretch but as a new homeowner this year I am wondering if I can claim some deduction for a safe that I purchased to secure my documents for legal documents . I just bought a house that I am going to lease out and I was curious if I can line item ( the safe) in the books for the new purchase of the rental house for tax credit... or something else? Thanks for your help.



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Old 11-27-2010, 09:57 PM
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" if I can claim some deduction for a safe that I purchased to secure my documents for legal documents ."--->In general, as you know, legal expenses incurred during the sale or purchase of your rental property are not tax deductible and are included in the capital gains tax calculation when disposin gof your rental property. But, I guess there are legal expenses that you can claim as your income tax deduction;you can deduct legal expenses to prepare a lease agreement with your tenant, or to evict a non-paying tenant. However, you can't claim your deduction on legal costs associated with defending your title to the property (for example, defending an action by the mortgagee to take possession of the property where you have defaulted under the loan).



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