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.
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