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Updated over 6 years ago on . Most recent reply

Eric H.'s profile image
Eric H.'s profile image
Eric H.
  • from Bend, Oregon
  • Member since Apr 3, 2017
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63
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Eric H.'s profile image
Eric H.'s profile image
Eric H.
  • from Bend, Oregon
  • Member since Apr 3, 2017
Connect
Eric H.
  • Bend, OR
15
Votes |
63
Posts
Tax, SDIRAs & Cost Segregation

Deducting Umbrella Policy

Eric H.
  • Bend, OR
Posted

I was wondering if my umbrella policy is something I can deduct completely or partially on my taxes as a real estate expense.  I did not have an umbrella policy until I bought my rental property so can I argue in good faith that it is related to my rental operations?

If only partially can be deducted then I own 2 automobiles, a primary residence, and a rental property so can I deduct 1/4 of the expense?

Thanks!

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