Homeowners Tax Relief: Deduction for Insurance Premiums Up to $10,000
This bill introduces a new tax deduction allowing homeowners to subtract a portion of their primary residence insurance premiums from their taxable income. The maximum deduction amount is set at $10,000 annually. Crucially, this deduction is available to all taxpayers, meaning they can claim it even if they choose the standard deduction instead of itemizing.
Key points
Homeowners can deduct up to $10,000 per year for premiums paid for insurance on their principal residence.
This deduction lowers the taxpayer's Adjusted Gross Income (AGI), potentially reducing their overall tax liability.
The benefit is accessible to all taxpayers, regardless of whether they itemize deductions or take the standard deduction ('above the line' deduction).
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