Is homeowner’s insurance tax deductible? Or can you only deduct homeowner’s insurance premiums paid on rental property?
You can only deduct homeowner’s insurance premiums paid on rental properties. Never is homeowner’s insurance tax deductible your main home.
Although you might pay them both, keep in mind that mortgage insurance and homeowner’s insurance aren’t the same thing:
- Homeowner’s insurance protects you against loss from damage to the property.
- Mortgage insurance protects you in case you can’t make your mortgage payments.
However, you can deduct mortgage insurance premiums on both your personal home and rental properties. Income restrictions apply to mortgage insurance premiums on your home.
In this post, we’ll discuss Alabama property taxes (on real property) – including who owes, how they’re calculated, how to pay, and when they’re due.
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Some education expenses are tax deductible or may allow you to claim a tax credit. While new tax rules changed what’s available, student loan interest is tax deductible. Additionally, tuition and fees still count as qualified education expenses for the American Opportunity and Lifetime Learning credits.
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