Investing in a gun safe to store your weapon is a significant investment. However, there are other reasons why you need to have one as a firearm owner. First, you need to comply with the Child Access Prevention Laws to prevent access to the guns. As per the law, you need to keep the weapon secure and out of the way of kids.
Further, it offers you the protection of Firearm Ownership Rights. In an accident, the other person can sue you for poor gun handling. So best to make sure your handguns adequately locked away. Additionally, it is a requirement by your insurance company for full coverage. Plus you can get an insurance discount.
Another excellent reason is you do not want to face lawsuits and need to comply with the Firearm Locking Device Laws. But is a gun safe tax deductible in the United States—let us find out.
Can You Get a Tax Rebate on Your Gun Safe?
The fantastic thing is now is the best time to invest in a durable and secure gun safe as it holds loads of benefits mentioned above. The other outstanding thing is currently it includes exemption from mandatory sales tax. Further, it knocks off up to 10% added fees you are obliged to pay.
So Why Is There a Tax Exemption?
Throughout Connecticut, Massachusetts, Michigan, New Jersey, and Washington senators have implement laws exempting gun-safe purchases from sales tax. You can now purchase a gun safe without paying added state’s sales tax.
What it does is offer a better security of firearms preventing it from falling into the wrong hands such as children. Further, it is the best approach to reduce gun violence and prevents the misuse of weapons.
The sales tax exemption helps promote gun safety and helps gun owners to pay attention to his or her ammunition and firearms when not used.
What Sales Tax Benefits are Included
Gun safety locks and safes from sales in Connecticut, Massachusetts, Michigan, and New Jersey are exempted. While in Washington only the gun safes not liable. Further, each state allocates up to $1,200 per safe bought and is a great assistance when buying a top-rated gun safe with a trigger safety lock.
Other cities such as Northglenn offers rebate incentives when purchasing a gun safe. Additionally, you can write it off against your tax if you keep business papers and tax documents in a fire-rated safe.
Gun Safe Rebate
If you take Northglenn as an example, you are liable for a rebate as a resident over the age of 21 up to 25% or a max of $500 on your purchase of a gun safe. When bought at a Northglenn business, the city reimburses you up to 30% of the cost spent or a max of $525. The safe rebate is a one-time reimbursement and limited to one per household.
So what do you need to do to be liable for this reimbursement?
- The gun safe needs to contain a firearm and provide secure storage.
- The safe must have an electronic or mechanical combination lock with at least 10,000 combinations consisting of three number, symbols, or letters. Further, the bolt needs to be an RC 60+ drill-resistant steel plate or equivalent.
- Further, the bolt work needs to consist of three steel locking bolts of ½ -inches thick and intrude from the door into the body and vice versa of the safe. You must be able to operate the lock securely with a separate handle.
- The wall construction of the gun safe must be made of 12-gauge steel when buying a single-walled safe. Or the total of walls must add up to one-inches with a two-walled safe. The door needs a two-layer construction of 12-gauge steel or one layer of seven-gauge steel in a compound construction.
- You must not be able to remove the door hinges and not exposed to the outside.
- Further, the gun safe should carry the approval of the Underwriters Laboratories Residential Security Container.
Additionally, you will have to complete an affidavit with proof of the receipt and submit your application to your local police department for approval. Once you have met all the requirements, the city reimburses you the amount under the gun safe rebate program.
Other Gun Safe Tax Rebates
You can receive a gun safe rebate if you need to keep your weapon in a safe if not on duty. Further, you can also claim a refund on a safe if you operate a business from home. Additionally, you can deduct fees when renting a safety deposit box to keep important documents.
You need to make sure you are using the safe for business purposes to deduct the costs. You apply for a tax deduction by doing the following:
First Step:
Make sure to keep the receipt for purchasing and installing the safe, as you will need to provide the IRS with proof. The deduction is a once off.
Second Step:
You need to utilize the safe for business use only. You must keep business-related items in it to claim the rebate. Do not place personal items in the safe and can request for stocks, bonds, and investment records about the business.
Third Step:
Now you need to report the deduction by completing a Form 8829 (Expenses for Business Use of Your Home.) You will need to add all the deductions. If you are renting a safety deposit box, you need to use schedule A of the form to report the claim in the miscellaneous section.
If a Gun Safe is Tax Deductible is Your Police Firearm Deductable as Well
Now that you have your gun safe in place and perhaps in the law enforcement, you may be, wondering if your pistol purchase is tax deductible. The answer is YES only if you use it while on duty. For you to claim tax on an item, it has to be an “ordinary and necessary” expense related to work.
If you have a work-issued gun, it becomes an “essential” item. You will deduct it on the W-2 form under the Unreimbursed Employees Business Expenses on Schedule A for Itemized Deductions. Further, only 2% over the amount of your Adjusted Gross income goes onto the schedule.
Extra, you will need to prove that you are claiming for the purchase of the handgun and the costs of your shooting practice.
Final Thoughts
As you can see from our article, you can claim for your gun safe and owning one is a crucial factor. The safe keeps your gun safe from children and burglars. Further, it holds your valuable rifle that shoots ½ -inch MOA safe as it takes time to achieve these results if stolen.
Alternatively, it can protect your weapons other belongings from fire. Lastly, it protects your rights and gives you rapid access when needed the most. Another benefit is you can get an insurance discount, and you can get a tax deduction plus a rebate. And if you carry a concealed weapon, there are numerous set of rules and requirements in different states.
And if you own a firearm, it becomes compulsory by your insurance to have a gun safe to keep it locked. So head out and buy yourself one of the best fireproof gun safes and claim it against your tax in 2018 you have nothing to lose.