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Any Insurance Premiums for Rental question

Forum|Forum|7 years ago
June 1, 2019
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I own a multi family. I live in one unit and I rent the other. I came across the question ''any insurance premiums'' for rental property. 1. can I deduct the home owner insurance? 2. My mortgage company paid it through escrow and the amount is listed on the closing statement. So if this about home owners can i still add it in.

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Best answer by PaulaM

1. Yes, you can deduct the rental portion of your home owner's insurance from the rental income.

2. Mortgage companies escrow insurance, taxes and private mortgage insurance. Escrow amounts often contain a 'cushion' of expenses. Be certain to expense just the amount paid to your insurance carrier for 2016 .

Don't forget to expense the rental portion for property taxes, interest and any other rental expenses applicable to just the rental unit. https://www.irs.gov/pub/irs-pdf/p527.pdf

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PaulaMAnswer

Employee

1. Yes, you can deduct the rental portion of your home owner's insurance from the rental income.

2. Mortgage companies escrow insurance, taxes and private mortgage insurance. Escrow amounts often contain a 'cushion' of expenses. Be certain to expense just the amount paid to your insurance carrier for 2016 .

Don't forget to expense the rental portion for property taxes, interest and any other rental expenses applicable to just the rental unit. https://www.irs.gov/pub/irs-pdf/p527.pdf

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