Can you claim your insurance deductible in a home flood as a loss on income tax?

When it comes to an insurance deductible, the tax law says that you will not be able to deduct it from your taxable income. The only possible exception to this rule is if you are self-employed and you work at home. If this is the case, you can claim a portion of the deductible, and it will help offset some of your taxable income for the year. If the home is a rental property, you cannot claim the deductible, but you can claim the amount of money that you pay towards insurance premiums for the property.

blog comments powered by Disqus