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.
Learn more about deducting health insurance premiums with tips from the tax experts at H&R Block.
Learn whether social security disability is considered taxable income with advice from the tax experts at H&R Block.
Find out if you can claim deductions missed on prior tax returns with advice from the tax experts at H&R Block.
Can you deduct the sales tax on a vehicle you bought? Learn more from the tax experts at H&R Block.