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Asked 12/6/2007

IS THE HOMEOWNER'S INSURANCE DEDUCTIBLE ON A CLAIM DEDUCTIBLE?

I HAD SOME WATER DAMAGE. THE FLOOR IN MY LIVING ROOM AND HALLWAY WAS REPLACED. I PAY THE $250 DEDUCTIBLE AND THE INSURANCE PAYS THE BALANCE. IS THE $250 DEDUTIBLE ON MY TAXES?

 
 
 
 
 
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Answer 1/1 - Submitted 12/7/2007

Homeowners insurance deductibles are not income tax deductible on home residences.

However -- if the house is a rental -- the insurance payment is tax deductible.

Also -- if you work form home -- you could deduct a portion of the insurance deductible from your income taxes.

 
 
 
 
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