Can you write off the cost of a safe if you use it in your home?

Answer by  ariefini (38)

Based on what I have learnt in taxation class, my answer is "no". The safe would be considered a personal item for your personal benefit. It is similar installing security alarms. Could the expenses of security alarms be written off? Simply, no. The only situation you could write off that safe is if it got stolen from your house.

Answer by  Hewitt302 (1720)

No. you can write it off if it was bought for a home business and write it off that way as a business expense. Meaning you used money from your business account to provide the tools and materials needed to expand or protect that business. Simply buying a safe for general home use may in fact cause an immediate audit.

Answer by  cynosure (376)

There is no allowable deduction for the cost of a safe used personally, ie, not for business purposes. Home security, in all manifestations, is not deductible.

Answer by  cdonz (80)

Yes. If you don't write off the cost, then how can you make any money? This exactly what you have to do.Especially if you have it in your home. The people telling you not to are just tryng to rip you off. I rest my case

Answer by  tamarawilhite (17883)

You can only write it off if it is a business expense, such as safeguarding cash in a home office. However, you can request lower homeowner's insurance rates.