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Is flood insurance tax-deductible?

In most cases
3%
In some cases
17%
No
42%
Not sure
35%
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Question: Is flood insurance tax-deductible?
Top Answer (42% of 28 votes): No.

Answer: In most cases
Explanation: Yes they are
Belocura Cabinetry
Answer: In some cases
Explanation: In cases where a portion of the property is used for business...talk to an accountant!
BCU Risk Advisors
Answer: In some cases
Explanation: Flood insurance is tax deductible in the case of Investment Properties as a business expense.
Certified Inspectors, LLC
ProMatcher
Answer: No
Explanation: Even if you are required to buy flood insurance coverage to get a mortgage loan, the premiums you pay are not a deductible expense on your federal income tax return. Although you may have an escrow account from which funds are taken to pay the flood insurance premiums when they come due, payments for insurance coverage are nondeductible, according to Internal Revenue Service guidelines. Still, you may qualify to get a tax break in other ways.
State Farm Insurance
Answer: Not sure
Explanation: Consult a tax specialist for this answer, every state has different tax laws and insurance laws.
Lockhart's Insurance Services
Answer: In some cases
Explanation: Flood insurance is not deductible for a primary residence, however in most cases you can deduct the insurance if the insured property is a rental.
G.L. Anderson Insurance Services, Inc
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Related Questions

My house has flooded in the past. Can I still purchase flood insurance? Top answer: Yes

Can a mortgage lender require me to buy flood insurance?Top answer: Yes

Can I still buy flood insurance if I don't live in a high-risk flood zone?Top answer: Yes

Does flood insurance typically cover earthquake-related flooding?Top answer: No

Can renters purchase flood insurance?Top answer: Yes

Related Topics

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Insurance - Property - Business
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