Does anyone know if homeowners insurance and/or car insurance is tax deductible?
Saturday, November 29th, 2008 at
3:04 am
scballs13 asked:
What is deductible on state/federal taxes…..is homeowners and or car insurance?
Tagged with: Car Tax • Homeowners Insurance • Insurance
Filed under: Homeowners Insurance
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I don’t believe so. That would be nice though. I’m in California, so your state may have different rules.
no, it isn’t
I is if it says so
You get a rax deduction if you buy something related to your job that your company did not pay you back for.
Neither are deductible if it’s for your personal use. If it’s for a business, then you can deduct them.
Insurance is not. But the interest you pay on your home loan is. The interest on your car loan is not. Sales tax is too, if you keep receipts (maybe just for large purchases) for the whole year.
If you use your car for work (not just to and from) and are not reimbursed by your company, you can deduct mileage at somewhere about (don’t quote me – this is ballpark) $0.425 a mile. I know federal allows this, but unsure about state.
No, those are not deductible on an individual income tax return.
Insurance premiums for your house and car are not deductible on the Federal Tax return
Homeowners, no unless you use part of your home exclusively for business. If your car is owned by your business or used for business purposes, you might be able to deduct some of the car insurance if you deduct actual expenses and not mileage – otherwise, no, you can’t deduct car insurance.
This is definitely true for federal, and as far as I know, for states also. I don’t know all the state laws so there could be an exception, but I’d be surprised if there is..