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One question you may have is whether you’re free to write off your home insurance premiums.
The Internal Revenue Service (IRS) does not allow deductions for personal expenses, including home insurance.
This deduction can include a percentage ofvarious home-related expenses, including home insurance.
Lorenzana notes that for rental properties, homeowners insurance qualifies as adeductible business expense.
This reflects the cost of maintaining and managing a property that generates rental income.
Therefore, homeowners and private mortgage insurance can be claimed as business expenses and written off on your taxes.
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