jujape1978 asked:
I read somewhere that homeowners insurance was deductible, but my tax guy has never mentioned it and we’ve never taken it as a deduction. Just thought I’d check.
I read somewhere that homeowners insurance was deductible, but my tax guy has never mentioned it and we’ve never taken it as a deduction. Just thought I’d check.
{ 4 comments… read them below or add one }
It isn’t deductible unless on a rental house.
No, it’s not.
Not on schedule A.
You can deduct insurance if it’s a rental property as an expense OR if you have a home office deduction, you can deduct the percentage of your house used for business.
Otherwise, no. If you’re paying PMI, you may want to ask about that.
Homeowners insurance is deductible if it insures a rental property. If you are taking a deduction for office in the home, then a proportional amount of your homeowners insurance would be factored into the deduction.