Louisiana Citizens Fair Plan Assessment - Tax Deductible on Rental?

[Chelsy S.]

First timer for tax filing as a landlord.... 

I know I can deduct the property insurance as an expense, but my question is regarding the credit for the LA Citizens FAIR Plan charge which is on all Louisiana policies. I'm guessing that it can also be credited? Is there a reason I shouldn't. 

I should still be eligible for the credit for a partial year at least, (it's a primary residence with partial year tenant agreement) but breaking it down may not be worth the pain/complication of filing since it's less than $50. 

Thoughts from those in state?

[David S.]

The FAIR Plan assessment is a CREDIT, which means you are reimbursed dollar for dollar.  make sure you have the Declaration Page in hand when you file for reimbursement via one of the 3 ways:

1.  Via you personal income tax return for the State of Louisiana.  Policy number is needed.

2.  By filing form R-540INS  for a single policy, or if you have a 2nd or more policies, form R-INS.  They are found at: 

http://revenue.louisiana.gov/NewsAndPublications/CitizensInsuranceTaxCredit#Form540

3.  Have your accountant or tax preparer file for you.  The Declaration Page of the Insurance Policy is needed for hem to do so.