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Tax Deduction for Homeowners Insurance
Recent Bills/Tax Deduction for Homeowners Insurance

Tax Deduction for Homeowners Insurance

IntroducedN/A
Introduced1 year ago
Intro
Senate
House
Pres
Read twice and referred to the Committee on Finance.
Why This Matters

This bill allows homeowners to deduct certain insurance premiums from their taxable income, making it easier for them to manage costs.

If you pay homeowners insurance, you can deduct up to $10,000 from your taxable income starting in 2025.
Who this affects
individual homeowners
What changes is this bill making?
  1. 1Homeowners can deduct up to $10,000 for insurance premiums on their primary residence.
  2. 2This deduction applies to premiums paid during the tax year.
  3. 3The bill aims to ease financial burdens for homeowners by lowering taxable income.
  4. 4It specifically targets individuals who pay homeowners insurance.
Read the detailed summary

Homeowners Premium Tax Reduction Act of 2025 This bill establishes a new deduction of up to $10,000 claimed against gross income (above-the-line tax deduction) for annual policy premiums paid or incurred for homeowners insurance on an individual's principal residence.

Bill Progress1 of 4
Bills must pass the House, Senate, and be signed by the President to become law.
Intro
Senate
House
Pres
IntroducedCurrentJan 8, 2025

Read twice and referred to the Committee on Finance.

Sponsors
See all 33 sponsors
Senate
House
President

The President

Joe Biden
46th President
Awaiting Vote
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