Is flood insurance tax-deductible? | | In most cases | 2% | | In some cases | 20% | | No | 45% | | Not sure | 31% | | | | | Question: Is flood insurance tax-deductible? Top Answer (45% of 35 votes): No.
Answer: No
Explanation: The insurance isn't tax deductible, but if there's a flood loss, that can be claimed on your taxes | | Hazar Financial Services | 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 | | | ProMatcher | Answer: No
Explanation: No, unless you use a portion of the property for business, there are no tax deductions for insurance. | | Farmers Insurance-Chris Faverty Agency | 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 | | | ProMatcher |
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