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Submitted 352 days ago...

JEROME

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IS THE HOMEOWNER'S INSURANCE DEDUCTIBLE ON A CLAIM DEDUCTIBLE?

I HAD SOME WATER DAMAGE. THE FLOOR IN MY LIVING ROOM AND HALLWAY WAS REPLACED. I PAY THE $250 DEDUCTIBLE AND THE INSURANCE PAYS THE BALANCE. IS THE $250 DEDUTIBLE ON MY TAXES?

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Submitted 351 days ago...

primetime001

Expert (962)

Homeowners insurance deductibles are not income tax deductible on home residences.

However -- if the house is a rental -- the insurance payment is tax deductible.

Also -- if you work form home -- you could deduct a portion of the insurance deductible from your income taxes.

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