Question

Can I deduct my annual homeowners insurance premiums when I file my tax return?

Answer

Unfortunately, deducting homeowners insurance premiums from your primary residence is not an acceptable tax deduction. You can deduct homeowner’s insurance if your home is used for the following:

Rental property

Home office or business use

If you are a landlord and have rental income from your home you may be able to deduct a portion of your insurance as a business expense but the deduction amount is based on the portion of your home that is used as rental property.

Deducting homeowners insurance may also be allowed if you use your home for business purposes such as a home office. The amount you are permitted to deduct is based on how many square feet of your home you use for business.

If you use your property as a rental property or as a home office or other business purposes, you will be required to itemize your tax return to claim your deduction.

You will need IRS Tax Form 8829: Expenses for Business Use of Your Home. To learn more about expenses for business use of your home, visit https://www.irs.gov/pub/irs-pdf/i8829.pdf/

 

Related Topics

Related Resources

What Is the Joint Return Test?

Trying to determine if you can be claimed as a dependent? Learn more about the joint return and dependent taxpayer tests with the experts at H&R Block.

Where to Get Help with Taxes in Spanish

There are many places to get help when it comes to taxes. Check out these resources from H&R Block for those needing help with taxes in Spanish.

Tax Deduction for Each Claimed Dependent

How much of exemption can you claim for each dependent or child? Get tax answers from the experts at H&R Block.

Claiming A Per Diem Tax Deduction

How do you claim a per diem tax deduction? Learn more from the tax experts at H&R Block.