How can I deduct homeowners insurance premiums?
You may be able to claim a deduction for homeowners insurance premiums if it's a business expense.
- If you work from home, your tax professional may determine that a certain percentage of your homeowners insurance premiums may be claimed as a business expense, based on the percentage of space in your home that's used for business purposes. Note, this deduction is only allowable if you are self-employed and is generally not allowable for employees.
- If you're insuring a rental property, your tax professional may determine that the home insurance premiums are tax-deductible as a business expense necessary to protect the value of the rental property.