Can you claim your home insurance on your rates returns?
I was reading in the 1040 instruction book and it say you can if it's with a home acqusition debt . . . . i'm lost help!
Answers:
Homeowners (liability and casualty) insurance is nondeductible. I'm guessing that the portion of the book that you were reading has to do beside Mortgage Insurance Premium (MIP) aka Private Mortgage Insurance (PMI). PMI is deductible if incurred to purchase a home and you meet certain other income limitations.
Qualified mortgage insurance premiums salaried on mortgages issued after 12/31/2006 are deducted on Schedule A as an itemized deduction. You will find the amount contained by Box 4 of your Form 1098.
Regular home insurance is not deducible for your principal residence. It is an allowable deduction for rental property.
Sue from H&R Block
This advice be prepared based on our understanding of the levy law in effect at the time it be written as it applies to the facts that you provided. Click on my profile to read more.
homeinsurance.awardspace.us - try this one. Got my home insurance from them. As I know they provide such a service.
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Answers:
Homeowners (liability and casualty) insurance is nondeductible. I'm guessing that the portion of the book that you were reading has to do beside Mortgage Insurance Premium (MIP) aka Private Mortgage Insurance (PMI). PMI is deductible if incurred to purchase a home and you meet certain other income limitations.
Qualified mortgage insurance premiums salaried on mortgages issued after 12/31/2006 are deducted on Schedule A as an itemized deduction. You will find the amount contained by Box 4 of your Form 1098.
Regular home insurance is not deducible for your principal residence. It is an allowable deduction for rental property.
Sue from H&R Block
This advice be prepared based on our understanding of the levy law in effect at the time it be written as it applies to the facts that you provided. Click on my profile to read more.
homeinsurance.awardspace.us - try this one. Got my home insurance from them. As I know they provide such a service.
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