Consumption and Real Estate
can first-time homeowners use homeowners insurance premiums deductions from your taxes?
Question : can first-time homeowners use homeowners insurance premiums deductions from your taxes?
homeowners insurance premiums
Best answer:
Answer by acermill
No. Insurance premiums on your home are not a tax deductible expense. You may deduct mortgage interest, points paid on the mortgage, and property tax.
There is a new deduction this year for PMI – private mortgage insurance. That might be what you are thinking of. If you are a first ime home buyer and are paying PMI, you should be able to get a tax beneift. Good question. This is a fairly new event.
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