Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

101
Posts
43
Votes
Liwen Gu
  • Real Estate Broker
  • Salem, OR
43
Votes |
101
Posts

Homeowner's insurance deductible?

Liwen Gu
  • Real Estate Broker
  • Salem, OR
Posted

Hi, I'm wondering if you all consider home owner's insurance as tax deduction on your rentals? I'm reviewing my last three 3 years of returns where I worked with two different CPAs. I didn't notice this before but I noticed that both CPAs left the Insurance line on Schedule E blank, but they entered line items for other common deductibles such as mortgage interest, property tax, depreciation, repairs etc. I researched a little bit on insurance and it seems like I can deduct that as well but I'm not sure if there's a catch or if there is reason why it wasn't included. I have an escrow account so the bank is paying both the property tax and insurance. I'll definitely ask my CPA next year when they do my taxes. 

I also came across this article http://finance.zacks.com/can-deduct-homeowner-insu...

that mentions "But if you attempt to write off your homeowners insurance premiums, this can trigger problems with the Internal Revenue Service."

Not exactly sure what it means by "problems" with the IRS.

Loading replies...