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Can I deduct flood insurance on my home from my taxes?

jenkin7 · Posted: Tue Jan 19, 2010 11:18 pm Post subject:

Hi mattshaunakjc,

As far as I know, you can deduct flood insurance from your taxes. If you have been paying the insurance premiums into an escrow account held by the lender, the lender will send you a mortgage statement, where you will find the amount of insurance premiums you paid for that particular year.

gmakerley · Posted: Wed Jan 20, 2010 11:03 am Post subject:

insurance premiums paid, whether for fire & theft, casualty, flood, etc. are definitely not deductible on a federal income tax return.

richardlbailey · Joined: 20 Jan 2010 Posts: 1 1.19 Dollars($)

mattshaunakjc, you can deduct insurance premiums if they were issued as qualified mortgage insurance.
Private Mortgage Insurance (PMI) as per the Homeowners Protection Act (HPA) of 1998, as amended in December 20, 2006;
Mortgage insurance issued by the Department of Veteran Affairs (VA), the Rural Housing Service (RHS), and the Federal Housing Administration (FHA). MIP issued by VA is referred to as VA funding fee and can vary from 0% to 3.3% of the loan amount.

gmakerley · Posted: Wed Jan 20, 2010 1:40 pm Post subject:

yes richard, mortgage insurance premiums are deductible. the question here, however, concerns flood hazard insurance - absolutely not deductible.

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