Homeowners Insurance Tax Relief: Up to $10,000 Deduction.
This new law allows homeowners to deduct up to $10,000 annually for homeowners insurance premiums on their primary residence. This means less of your income will be subject to taxes, potentially leaving more money in your pocket and helping to reduce your housing costs.
Key points
You can deduct up to $10,000 per year for homeowners insurance premiums on your primary residence.
The deduction reduces your taxable income, which can lower the amount of tax you owe.
These changes will apply to tax years ending after the law is enacted.
Status:
Introduced
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