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View Diary: Do you have your birth certificate? (250 comments)

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  •  Along with a copy of will(s) (2+ / 0-)
    Recommended by:
    TrueBlueMajority, Oh Mary Oh

    property titles etc

    Best $35 per year ever spend for a safe deposit box.

    •  Don't forget the tax impact... (1+ / 0-)
      Recommended by:
      ladybug53

      You can deduct the safe deposit box rental fee from your taxable income IF you're using it to secure documents like deeds, titles, birth certificates, wills, etc.   You may NOT deduct the fee if the only purpose of the safe deposit box is to store tangible valuables (e.g. jewelry, bullion, etc.)

      •  Almost no one can use this deduction (1+ / 0-)
        Recommended by:
        ladybug53

        Safe Deposit box rental is deductible (if the box is used for specific purposes) only to the extent that the sum of such "miscellaneous deductions" exceeds 2% of your adjusted gross income.

        It's usually very difficult for most people to have enough of these deductions to exceed the 2% floor.

        And then there are always the paranoid individuals who don't want to reveal to the IRS that they HAVE a safe deposit box (hey, would you want the IRS to know that you have jewelry, bullion, or other "tangible valuables" socked away?).

        We must drive the special interests out of politics.… There can be no effective control of corporations while their political activity remains. To put an end to it will neither be a short not an easy task, but it can be done. -- Teddy Roosevelt

        by NoMoJoe on Thu Mar 28, 2013 at 12:44:37 PM PDT

        [ Parent ]

    •  Your will should not be kept in Your SD box (3+ / 0-)
      Recommended by:
      madgranny, MNDem999, ladybug53

      Because, when you die, that box gets sealed (theoretically, at least) until probate and it makes it tricky, if your will is in your sealed sd box.

      When lots of people show up to vote, Democrats tend to win.

      by Audri on Thu Mar 28, 2013 at 11:05:50 AM PDT

      [ Parent ]

    •  $35? (3+ / 0-)
      Recommended by:
      MNDem999, ladybug53, tofumagoo

      My bank charges $85 for a safe deposit box!

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