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/

 

          Array
(
    [0] => WP_Term Object
        (
            [term_id] => 36
            [name] => Dependents
            [slug] => dependents
            [term_group] => 0
            [term_taxonomy_id] => 36
            [taxonomy] => category
            [description] => 
            [parent] => 125
            [count] => 64
            [filter] => raw
            [cat_ID] => 36
            [category_count] => 64
            [category_description] => 
            [cat_name] => Dependents
            [category_nicename] => dependents
            [category_parent] => 125
        )

    [1] => WP_Term Object
        (
            [term_id] => 35
            [name] => Adjustments and Deductions
            [slug] => adjustments-and-deductions
            [term_group] => 0
            [term_taxonomy_id] => 35
            [taxonomy] => category
            [description] => 
            [parent] => 125
            [count] => 185
            [filter] => raw
            [cat_ID] => 35
            [category_count] => 185
            [category_description] => 
            [cat_name] => Adjustments and Deductions
            [category_nicename] => adjustments-and-deductions
            [category_parent] => 125
        )

    [2] => WP_Term Object
        (
            [term_id] => 45
            [name] => eFile
            [slug] => efile
            [term_group] => 0
            [term_taxonomy_id] => 45
            [taxonomy] => category
            [description] => 
            [parent] => 125
            [count] => 10
            [filter] => raw
            [cat_ID] => 45
            [category_count] => 10
            [category_description] => 
            [cat_name] => eFile
            [category_nicename] => efile
            [category_parent] => 125
        )

    [3] => WP_Term Object
        (
            [term_id] => 43
            [name] => Best of Both
            [slug] => best-of-both
            [term_group] => 0
            [term_taxonomy_id] => 43
            [taxonomy] => category
            [description] => 
            [parent] => 125
            [count] => 2
            [filter] => raw
            [cat_ID] => 43
            [category_count] => 2
            [category_description] => 
            [cat_name] => Best of Both
            [category_nicename] => best-of-both
            [category_parent] => 125
        )

    [4] => WP_Term Object
        (
            [term_id] => 37
            [name] => Credits
            [slug] => credits
            [term_group] => 0
            [term_taxonomy_id] => 37
            [taxonomy] => category
            [description] => 
            [parent] => 125
            [count] => 105
            [filter] => raw
            [cat_ID] => 37
            [category_count] => 105
            [category_description] => 
            [cat_name] => Credits
            [category_nicename] => credits
            [category_parent] => 125
        )

)
          

Related Topics

Related Resources

I have a question about escrow account taxes. Can I deduct property tax that was paid from an escrow account?

Can you deduct property tax that was paid from an escrow account? Learn more from the tax experts at H&R Block.

If I accidentally claimed the wrong allowance amount on my W-4. What will happen?

What to do if you accidentally claimed the wrong allowance amount on your W-4. Learn more from the tax experts at H&R Block.

Is deducting school related travel expenses allowed by the IRS? I drive back and fourth to school and would like to ded

Learn more about deducting school related travel expenses with advice from the tax experts at H&R Block.

I have a tax question about deducting union dues. Can I deduct union dues from my tax return?

Learn whether you can deduct union dues from your federal taxes with help from the tax experts at H&R Block.