In the United States and most personal tax jurisdictions, premium payments for personal residential home and earthquake insurance are not tax-deductible for owner-occupied primary residences. The Internal Revenue Service (IRS) classifies standard homeowner and property insurance as non-deductible personal expenses. However, if you own a rental property or commercial real estate, insurance premiums—including earthquake or flood riders—are generally deductible as ordinary and necessary operating business expenses against your rental income.
1 votes
Marked as accepted