While turpentine is an extremely useful chemical to have around your home, there are a certain number of precautions that any responsible person should take when storing turpentine. First, it should be obvious that turpentine is a toxic chemical that should be stored away from the inside of your home. Turpentine vapors escape from the container, and these vapors can be dangerous if inhaled for prolonged periods. Also, consider the fact that turpentine is a very flammable liquid. Because of this, you should never store turpentine near heat lamps or any other source of intense heat in order to prevent combustion.