Question regarding tax deductions on home?
by Mortgage Rates on Sunday, November 21st, 2010 | 3 Comments
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no, you cannot deduct homeowner’s insurance; you can deduct the mortgage interest and property taxes only
No.
Only mortgage interest and real estate taxes are deductible.
The only exception is if you are using a portion of your house as your home business. (The space must be 100% dedicated to the business, and not used for any other purpose. Then you may deduct the % the business sq footage is to the entire house, on all expenses of the house (heat electric, insurance and improvements) You may also deduct a drepreciation for that % of the home)
No, the insurance isn’t deductible. But since your standard deduction will be lower now that it was on a joint return, check to see if you have enough to itemize.