Any Insurance Premiums for Rental question

[blacksheep1x]

I own a multi family. I live in one unit and I rent the other. I came across the question ''any insurance premiums'' for rental property. 1. can I deduct the home owner insurance? 2. My mortgage company paid it through escrow and the amount is listed on the closing statement. So if this about home owners can i still add it in.

[PaulaM · Accepted solution]

1. Yes, you can deduct the rental portion of your home owner's insurance from the rental income. 

2. Mortgage companies escrow insurance, taxes and private mortgage insurance. Escrow amounts often contain a 'cushion' of expenses. Be certain to expense just the amount paid to your insurance carrier for 2016 . 

Don't forget to expense the rental portion for property taxes, interest and any other rental expenses applicable to just the rental unit.  https://www.irs.gov/pub/irs-pdf/p527.pdf