Comments on: Does anyone know if homeowners insurance and/or car insurance is tax deductible? If so state or Federal?

By: Rob

Rob — Tue, 10 Nov 2009 14:01:32 +0000

Insurance premiums for your house and car are not deductible on the Federal Tax return

By: Greenio

Greenio — Tue, 10 Nov 2009 14:01:32 +0000

I don’t believe so. That would be nice though. I’m in California, so your state may have different rules.

By: Tfr4444

Tfr4444 — Tue, 10 Nov 2009 14:01:32 +0000

no, it isn’t
I is if it says so
You get a rax deduction if you buy something related to your job that your company did not pay you back for.

By: LC

LC — Tue, 10 Nov 2009 14:01:32 +0000

Neither are deductible if it’s for your personal use. If it’s for a business, then you can deduct them.

By: CNuxoll

CNuxoll — Tue, 10 Nov 2009 14:01:32 +0000

Insurance is not. But the interest you pay on your home loan is. The interest on your car loan is not. Sales tax is too, if you keep receipts (maybe just for large purchases) for the whole year.

If you use your car for work (not just to and from) and are not reimbursed by your company, you can deduct mileage at somewhere about (don’t quote me – this is ballpark) $0.425 a mile. I know federal allows this, but unsure about state.

By: bostonianinmo

bostonianinmo — Tue, 10 Nov 2009 14:01:32 +0000

No, those are not deductible on an individual income tax return.

By: Judy

Judy — Tue, 10 Nov 2009 14:01:32 +0000

Homeowners, no unless you use part of your home exclusively for business. If your car is owned by your business or used for business purposes, you might be able to deduct some of the car insurance if you deduct actual expenses and not mileage – otherwise, no, you can’t deduct car insurance.

This is definitely true for federal, and as far as I know, for states also. I don’t know all the state laws so there could be an exception, but I’d be surprised if there is..