Author Topic: Gun Safe Deductable? (Read 818 times)

alamogunr · « **on:** March 17, 2005, 03:16:48 PM »

Recently, in reading over some topics on this or another forum, someone mentioned that the purchase of a "home" safe was deductable on tax returns. Since I bought a gun safe last year, It would be nice to be able to claim a deduction on my return. Does anyone know for sure that it is deductable and if so, to what extent? I guess to keep this topic within the spirit of the forum, I should say that if it is deductable, it may encourage more gun owners to buy safes. My reason was grandchildren, but I wouldn't be above claiming it on my tax return.
John

Also, if anyone is planning to buy a safe, get one a lot bigger than you think you will ever need. Mine is full already.

jhm · « **Reply #1 on:** March 18, 2005, 04:06:18 AM »

Alamo: Check with your tax person who will explain to you the correct way and legal way to do so, I have written all of mine off by keeping stock info. and papers of importance that you would keep in a banks safe deposit box. With the important papers I keep them in a fire proff lock box that I then keep in the safe.

JIM

Flash · « **Reply #2 on:** March 19, 2005, 02:34:00 PM »

If you could relate the purchase to a small Mom & Pop business it would most certainly be tax deductable. As an example, if you purchased firearm related goods and liquidated them on an internet auction, the safe could be justified as a storage unit. You would have to report the income from the sales and the safe would have to be depreciated over 5 years to be a legal deduction. I never heard of a safety device being tax deductable but the IRS code would give you more details. It is also typical for start-up costs to generate losses in a small business for 2 to 3 years so there might be other things that could be deductable. Supose you sold used Contender barrels on the internet, you'd need a frame for test firing them and reloading components for making the ammo for subsequent tests. Providing there is a legitimate effort to generate income, there are many items that could be deducted as tools and supplies. These are my opinions and examples of how I conduct my business but for your satisfaction, consult your tax attorney or preparer.

unspellable · « **Reply #3 on:** March 27, 2005, 06:50:41 AM »

There was a proposal here in Iowa to make gun safes deductable on state income tax as a gun control measure. First proposed gun control law I ever heard of that made any sense. Of course it failed for lack of support from you can guess who.