This is a question that is coming up frequently these days, due to the new deductions regarding Private Mortgage Insurance (PMI). The quick answer is NO, your homeowners insurance is usually not deductible. Be careful not to make that mistake when filling out your taxes this year. Be sure to take the PMI deduction, though, if you are qualified. See my post on that topic – New Tax Deduction For PMI.
There are some cases where your homeowners insurance may be deductible on your income taxes. These cases would be for either a rental property or using part of your home for business. Each of these cases would involve forms related to a Schedule C tax form. If you are a typical homeowner, not operating a business out of your home, then very likely your homeowners insurance premiums are not tax deductible. Sorry.
As with all my financial or tax advice, I am not advising as a professional and I give no professional legal or tax advice. If you need professional advice, please get that from a CPA or attorney.
Talk to me! If you you have something to say about this , let the world know by leaving a comment. I want to hear from you. If you think this information is helpful, please submit it to one of the sites like Digg or Stumbleupon.
Email Me! with any other questions or comments.
You can also subscribe to my posts by email, so you won’t miss a thing.