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Updated over 7 years ago on . Most recent reply presented by

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.

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