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.
Related Resources
Looking for virtual tax help with your online filing? Learn more about your options by comparing TurboTax Live to H&R Block Tax Pro Review and Tax Pro Go.
Get a better understanding of taxes for immigrants, expats and green card holders. This guide helps answer basic questions about special filing circumstances.
What happens to your taxes after marriage? Learn how marriage can lead to changes in tax filing and returns at H&R Block.
Do you have unreimbursed expenses to include on your tax return? Learn how to claim unreimbursed employee expenses with IRS Form 2106.
