Income Tax Information

Safety Deposit Box Fees may Be Deductible.

If you use a safety deposit box for safekeeping of your investments, you can claim the cost as a "carrying charge" on line 221 of your tax return, if the cost has been incurred in order to earn income from your investments. For information on this and other investing related costs (both deductible and non-deductible), see our article regarding investing related interest expense.