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Consumers scrambling at the eleventh hour before the April 15th income tax deadline for as many deductions as possible are getting an answer from him that they don't like, says Norman S. Solomon, a member of the American Institute of Certified Public Accountants: Homeowners insurance is a personal expense, and is not among the items that may be itemized as deductions on a personal tax return.
Published on April 14, 2008
However, if the home or a portion thereof is used for business, the allocable portion of the insurance would probably be deductible as a business expense against the income from that activity (depending on the nature of the coverage).
Examples of situations that might apply: if the home or a portion thereof is (1) rented, (2) used as a day care facility, (3) used as a qualified home office, or (4) used in other activities that have a business component.
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