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Is my renters insurance tax deductible?
I’ve been working at home all year. I’ve heard that you can deduct certain expenses from your taxes if you’re working from your home or apartment. Is this true? Is renters insurance tax deductible?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
More and more people have started working from home in the last few years, so this is a common question!
While renters insurance is tax deductible, you can only deduct it if you operate a business out of your home.
For example, if you have a jewelry business and a room in your apartment is dedicated to that business, you can deduct the cost of your renters insurance from your taxes. However, if you’re a remote employee or working from home for another business, you cannot deduct your
renters insurance
from your taxes. That said, taxes and insurance are both tricky subjects and often have a variety of situations and coverages that vary from person to person. If you’re unsure whether you can deduct your renters insurance from your taxes, it’s best to speak with a tax specialist or an accountant familiar with tax rules and regulations.
If you can’t deduct your renters insurance from your taxes, don’t worry! There are still ways to save with
Jerry
. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home or renters insurance. Jerry will even help you cancel your old policy.View full answer
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