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

 
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Vanessa
Level 3

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 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. 

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Vanessa
Level 3

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 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. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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