Is homeowners insurance deductible? Generally, money spent on home insurance is not tax-deductible. This is how the IRS considers it. Except for some exceptions that we tell you below.
If you work in your own home, you can deduct from taxes the proportional part of the area that your business occupies. Let’s suppose that at home you have a notary’s office or a classroom where you teach music. Let’s imagine that the space that you dedicate to said business is 25% of the area that your house occupies. So, you could deduct 25% of the annual homeowner’s insurance payment. Your accountant will know how to get that part of the money back.
You can also deduct the claims that you have made to the insurance. For example, if there is a fire in your house and the insurance company provides you the maximum contemplated in the policy, but, even so, you have to put money out of your pocket to repair the covered damage. The good news is that the money you have to spend on the repair is deductible. In other words, you can deduct the expenses you have to incur to repair a protected asset in your homeowner’s insurance.
In short, if you have a legal efficiency, beauty salon, a carpentry workshop at home, or another business, you can deduct a part of your home insurance. Is homeowners insurance deductible?
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Is homeowners insurance deductible?
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