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Deductions & credits
Homeowner Insurance payouts and deductibles you pay are not reported on any tax return and never deductible. They add to your cost basis of the property, and it has absolutely no effect on your taxes until the year you sell the property. There are exceptions. But that's only if you profit from the insurance payout. If you paid the deductible, then you didn't profit from any payout. Such profit would only occur if the payout exceeded what you originally paid for the property in the year you purchased it.
‎June 5, 2019
11:26 PM