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If I use my home as my principal place of business, can I deduct the amount I pay for Fire Insurance?

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Self Employed Online

Best answer by Vanessa11_2

You would only be able to deduct the portion of the insurance as a percent of your home that is used regularly and exclusively for your business. So, if you have a 2000 sq. ft. home and a home office that is 200sq.ft. you would only be able to deduct 10% of your fire insurance.

If no part of your home is used regularly and exclusively for business, then you would not be able to deduct any of your fire insurance.

V

Vanessa11_2Answer

Employee

You would only be able to deduct the portion of the insurance as a percent of your home that is used regularly and exclusively for your business. So, if you have a 2000 sq. ft. home and a home office that is 200sq.ft. you would only be able to deduct 10% of your fire insurance.

If no part of your home is used regularly and exclusively for business, then you would not be able to deduct any of your fire insurance.

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