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Level 6

Question

Does a landlord have to pro-rental insurance?

2 replies
34 views

I have pro-rated our insurance payments in the past. Husband wants me to claim the actual amount of insurance paid in the year it is paid. May I claim the amount paid in the year it is paid?

Level 15

yes you claim the payment in year 1 unless it is a multi-year policy

Mike9241

charjean47Author

Level 6

What do you mean by multi-year policy? Is 6/1/24 through 5/31/25 considered multi-year? If I paid $600 on 6/1/24 for 6/1/24 through 5/31/25, do I claim the $600 on my 2024 income tax form? Say the previous amount was $575.00 for 6/1/23 through 5/31/24, do I claim 151 days @ $239 for January 1 through May 31, 2024 and 214 days @ $352 for June 1, 2024 through December 31, 2024 for a total of $591? I claim all other expenses as a cash basis, claiming income and expenses in the year paid or received. Thank you.