Are items in a safe deposit box taxable?

Question

Like Gold. Can you be taxed on it or is it a tax deduction?

Answer 1

Neither. You aren't taxed on what you have in such things as gold, you are taxed when you sell it if you make a profit.

Answer 2

Depends upon how you acquired them. For that reason, the IRS routinely seals saftey deposit boxed when someone dies until it can be opened in the presence of an IRS agent and inventoried. The contents of a safety deposit box needs to be included in the value of the decedent's estate and if the value of the estate exceeds the exemption amount (currently $2 million) then some tax will be due.