Question of gun safes

[gabeusmc]

When I went to go and get my CCW my instructer told me that he has heard of a one time thing with the IRS that a gun safe is 100% tax deductable. Does anyone know if there is any truth to this?

 

[Geronimo45]

Sounds like your instructor's trying to sell you one... I seriously doubt the IRS would buy that kind of deduction.

 

[Rabid Rabbit]

A year or two ago some congress critter introduced a bill to do just that, I think up to $250 but it went nowhere. While it sounds nice the only people that would benefit are the safe manufacturers.

 

[DogBonz]

What?

While it sounds nice the only people that would benefit are the safe manufacturers.

I think that we all would benefit. Getting a tax break for something we all should have anyway.

 

[JWarren]

I can't say this loudly or often enough: Get a gun safe. While I know nothing about if it could be tax deductible, YOU will benefit.

I got 6 rifles stolen right before Christmas in a burglery because I didn't have one.

In fairness to myself, I had been procrastinating due to the structure of my home. I live in a home a story off the ground where I have storage and car port UNDER my home. Whereever I put the safe will have to be structurally braced from underneath.

I procrastinated, and I paid the price.


All the best!

John

 

[azviffer]

JWarren

i keep mine on the second floor in my home. it's 500 pounds empty and has been upstairs for about 5 1/2 years now without showing any signs of problems. i don't live in an earthquake-prone area though so that might make a difference. the only thing i would suggest is keep it next to an outside wall because that's where all the strength is going to be at. at the corner of 2 outside walls would be even better. middle of an upstairs room is a bad idea structurally. and that would just look really funny too.

 

[PistolShooter1]

I also agree ---buy whatever safe you can afford--tax savings or not.

I work part time after my regular job in a very busy gun store.
After working for 6 months I bought a Heritage Gunsafe.

I can not even count how many people are robbed of all there firearms !!

It will bring peace of mind and might keep guns off the streets.

 

[a1abdj]

Safes are deductable for individuals when using them to store tax documents. The safe is not entirely deductable, but a portion of it is. This only applies to fire rated document safes, and not gun safes. Regardless of what a salesman may tell you, gun safes are not fire rated for the storage of documents, and the IRS is aware of this.

Safes are deductable by business entities as a business expense, and are depreciated like other assets of the business.

I am a safe guy, not an accountant, so I suggest you contact one to explain any questions in further detail.

 

[arthurcw]

i keep mine on the second floor in my home. it's 500 pounds empty and has been upstairs ...

Did you bolt that down or are you just depending on the weight alone to keep it from moving?

 

[Lonestar]

Definately a good investment to have one regardless of any tax write off. It would not apply in 2006 if you buy one now. My advice is to buy one anyway, and ask your accountant when you get your taxes done.

 

[Jim K]

For those who might have to put a safe in an area that is awkward to reach, don't overlook the modular safes, like the Zanotti, that can be assembled in place. Not fire resistant, but no need to worry about collapsing stairs or narrow doors.

Jim

 

[Rabid Rabbit]

I undertand what you meant that we would all benefit, but I believe that what would happen is the tax break would act as a subsidy to the manufacturers and would increase prices overall. I'll take advantage of tax breaks but I'm normally against them because their main purpose seems to be vote buying. I don't think that a tax credit will influence me to buy a safe, though it might influence the size that I buy.

Now what I'd like to see is insurance companies give a discount for buying and using a safe, thereby decreasing payouts for theft. I think there are a couple insurance companies that pay your deductible if you are wearing a seatbelt when you have an accident, I wish they would apply the same logic to safes.

BTW I do own a safe 45 cu ft, 900 lb plus several much smaller document safes.

 

[Rabid Rabbit]

I just spoke with my boss that is a CPA and runs a small tax prep business. In case your wondering I'm in Procurement nothing doing with taxes.
For a business the safe would fall under furniture and be subject to the normal depreciation expensing, or you can expense it all at once and....... For a person, if you can show it is used to hold tax documents, a safe would be under the misc. deduction which requires a 2% floor before you can take advantage of the deduction. Given the size of most peoples tax documents you'd be looking at a $70-100 document safe to hold 7-10 years of documents. He warned doing so might raise a flag and invite an audit.

 

[azviffer]

Did you bolt that down or are you just depending on the weight alone to keep it from moving?

not bolted. someone would be hard-pressed to move it with all the contents. plus there's the stairs they'd have to contend with. not saying it couldn't be done but it is definitely not a quickie job. and i second the use of the modular safes. i purchased a Zanotti Armor safe years ago for the very reason that it could be taken apart and then moved rather easily. and no, i do not work for them and this is not a paid advertisement

 

[Sisco]

Got mine used from a gunshop that replaced one they had been using for years. Gave $500 for it. Weighs about 800lbs have 15 rifles and a dozen handguns in it with room for more.
It was a fixer-upper though!