Theoretically, the cost of renting a safe deposit box IS deductable on federal taxes "if the box is used for storing stocks,bonds, or investment-related papers and documents." Does anyone know how broadly "investment-related documents" is interpreted? In specific, if I use the box to store a digital backup of my financial records including those of my taxable investments, would that qualify?
Theoretically, the cost of renting a safe deposit box is NOT deductable on federal taxes if it was used to store "jewelry or other personal items" or "tax-exempt, as opposed to taxable, securities." Is there an implied "only" in there -- ie, if the box contained both the financial records and something else, would that still qualify?
If both the above are true... then renting a safe deposit box to store a complete backup of the system which includes the financial records ought to be deductable. Right? (Left? Three?)
Not an immediate issue, just planning ahead. If I can deduct the box for my personal offsite backup, that'd be cool.