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jrf8729
New Member

What about home and car insurance premiums? Also Flood insurance Premiums?

 
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jerry2000
Alumni

What about home and car insurance premiums? Also Flood insurance Premiums?

Insurance for your home and car is not deductible.

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2 Replies
jerry2000
Alumni

What about home and car insurance premiums? Also Flood insurance Premiums?

Insurance for your home and car is not deductible.

View solution in original post

ThomasM
New Member

What about home and car insurance premiums? Also Flood insurance Premiums?

In a personal capacity, homeowners & hazard & flood insurance -- as well as car insurance -- are not deductible (only mortgage insurance is deductible at the personal level).  However, in a business/rental capacity, they are deductible, including for a home office.

If you have rental property, you'll enter these items (except car insurance) under "insurance" in the Rental Expenses section. If you're self employed and utilize a home office, then you'll enter insurance amounts under the "Home Office" section of your business expenses.  And if you're a W-2 employee, you'll enter the insurance items in the home office section of Job-Related Expenses (under the Employment Expenses heading).

Vehicle insurance for business-related use would be entered under "vehicle expenses" in the above categories, though you'll only get the deduction if you're claiming the "actual" expense method rather than standard mileage.

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