Can home owners insurance be deducted from income taxes?

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Can home owners insurance be deducted from income taxes?

2007-03-02 07:52:58 · 3 answers · asked by emandkevsmom 1 in Business & Finance ➔ Taxes ➔ Other - Taxes

3 answers

No, that is not deductible for your personal residence.

If you hold properties for rental it is deductible on Schedule E for the rental properties.

2007-03-02 07:59:16 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋

You can deduct it if you rented your home to someone during the year, but for only the portion of the year that it was rented. You may also deduct a portion if you used your home as an office.

2007-03-03 05:20:33 · answer #2 · answered by taxman 2 · 0⤊ 0⤋

Only if it's for a rental property or if your home is used for business.

2007-03-02 08:30:21 · answer #3 · answered by Scott K 7 · 1⤊ 0⤋