Comments on: Can you deduct Homeowners Insurance on an itemized schedule for 2007?

By: bostonianinmo

bostonianinmo — Sat, 28 Nov 2009 22:03:57 +0000

Only for a rental property. It’s not deductible for your personal residence(s).

By: Di LV E

Di LV E — Sat, 28 Nov 2009 22:03:57 +0000

I’m self-employed and I can’t.

By: grahod

grahod — Sat, 28 Nov 2009 22:03:57 +0000

I asked the CPA that does my taxes that question, when I took my information in. I was told that yes you can, but not the regular home owners insurance. You can deduct the insurance that you pay for that will pay off your mortgage if something happens to YOU, not the type that pays if something happens to your house, or on your property.

By: Judy

Judy — Sat, 28 Nov 2009 22:03:57 +0000

No, not for your personal residence. Insurance for a rental you own would be deducted on schedule E where you show the rental income, not on your schedule A

By: Bradley S

Bradley S — Sat, 28 Nov 2009 22:03:56 +0000

Homeowners insurance is deductible if it insures a rental property. If you are taking a deduction for office in the home, then a proportional amount of your homeowners insurance would be factored into the deduction.