The Purpose of a Homeowners Declaration Page
Can I take homeowners insurance and deduct it from my taxes?
A tax deduction is simply the amount that you have to pay at the end of a tax year for your overall income over the year. It’s the job of the Internal Revenue Service (IRS) to evaluate your overall income over the year and determine how much you will need to pay.
However, you are allowed to claim some of your taxable income when filing, this will reduce the overall amount you will need to pay, and you will be able to use the money for something else.
There are two basic types of deductions that you can claim: a standard deduction and an itemized deduction. A standard deduction is a fixed amount that is calculated by your filing status. An itemized deduction is determined by listing how you spent your money over the y...