Asked 1/14/2012
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Is insurance deductible on income taxes? Are house and car insurance deductible on your income taxes? How about life insurance? |
Answer 1/2 - Submitted 1/14/2012
For your personal-use items such as your home, car and life, the insurance premiums are not deductible. The advantage to this is that the payments, should you receive any, are not considered to be income.
If the insurance is for a rental property or a car used for business, some or all of the insurance premiums would be deductible, on the same form that you report the income (Schedule C, E or F, usually).
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