If I use my home as my principal place of business, can I deduct the amount I pay for Fire Insurance?

monicaswaner — Tue, 04 Jun 2019 23:46:22 GMT

You would only be able to deduct the portion of the insur...

Vanessa — Tue, 04 Jun 2019 23:46:24 GMT

You would only be able to deduct the portion of the insurance as a percent of your home that is used regularly and exclusively for your business. So, if you have a 2000 sq. ft. home and a home office that is 200sq.ft. you would only be able to deduct 10% of your fire insurance.

If no part of your home is used regularly and exclusively for business, then you would not be able to deduct any of your fire insurance.

topic If I use my home as my principal place of business, can I deduct the amount I pay for Fire Insurance? in Deductions & credits

If I use my home as my principal place of business, can I deduct the amount I pay for Fire Insurance?

You would only be able to deduct the portion of the insur...