pen and calculator on financial reportCan I deduct my home insurance premiums on my taxes?

According to the IRS Publication 530, you cannot deduct

  1. Mortgage Insurance
  2. Fire or Homeowners Insurance Premium
  3. The Principal Portion of the Mortgage

There are some benefits of owning a home, though. You can deduct:

  1. Real Estate Taxes
  2. Home Mortgage Interest

Even though you cannot deduct home insurance premiums, there are still many benefits to homeownership. Your house can be a great store of savings and, over time, can reduce your annual housing costs.

At your service,
Young Alfred