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Do I include both FHA and Hazard Insurance on Schedule E for rental property? I think I did last year but in years prior, I only included one. Which one (s) do I do?
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Do I include both FHA and Hazard Insurance on Schedule E for rental property? I think I did last year but in years prior, I only included one. Which one (s) do I do?
Yes.
Generally,the IRS allows deductions for expenses related to income-producing property.
When you own a rental home ,hazard insurance on that property is deductible
Mortgage insurance premiums on a rental property are tax deductible in the year that they were paid.
Insurance deductions are taken on Line 9 of Part I on Schedule E, Supplemental Income and Loss.
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