Can I deduct my home insurance premiums on my taxes?
According to the IRS Publication 530, you cannot deduct
- Mortgage Insurance
- Fire or Homeowners Insurance Premium
- The Principal Portion of the Mortgage
There are some benefits of owning a home, though. You can deduct:
- Real Estate Taxes
- 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.
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