Quick Tax Question

pretty sure not

fwiw I don't think insurance of any kind is deductable

PMI- yes
Homeowners- yes, on your louisiana tax return 7%

I didn't know that. (I don't have a mortgage so no reason for me to know it.) Good info to know. Thanks!

Thanks, guys.

quote:

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self-employment

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I wish

Never heard of Homeowners insurance being deductible on State. You can deduct any Louisiana Citizens surcharge that was on your homeonwers policy on your State return.

Louisiana Revised Statute 47:297.7 allows a refundable tax credit of 7% (.07) of the property insurance premiums for individuals who paid an insurance
premium for a homeowner’s insurance policy, a condominium owner’s insurance policy, or a tenant homeowner’s policy for their primary residence
less the amount of the Louisiana Citizens Property Insurance assessment. The credit is calculated by subtracting the amount of the Louisiana Citizens
Property Insurance assessment, which is also a refundable credit under La. R.S. 47:6025, from the amount of your property insurance premiums and
multiplying the result by 7% (.07).
Do not complete if you did not pay an insurance premium for a homeowner’s policy, a condominium owner’s policy, or a tenant homeowner’s
policy for your primary residence for 2008. You must attach a copy of the declaration page of your insurance policy in order to claim these
credits.
1 Louisiana Property Insurance Premium – Print the amount of your premium for your homeowner’s
policy, your condominium owner’s policy, or your tenant homeowner’s policy that you paid for your
primary residence for 2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . 00
2 Louisiana Citizens Property Insurance Assessment – Print the amount of your Louisiana Citizens
Property Insurance Assessment that appeared on your homeowner’s or property’s insurance
declaration page on Line 2 of this worksheet. If you did not claim this credit by filing Form R-540INS,
you are entitled to the credit as long as you paid the Louisiana Citizens Property Insurance Assessment
on your homeowner’s policy or on your business property. Print the amount of your Louisiana Citizens
Property Insurance Assessment on Form IT-540, Line 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . 00
3 Subtract Line 2 from Line 1 and print the result. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . 00
4 Multiply Line 3 by 7% (.07), round to the nearest dollar, and print the result on Line 5. . . . . . . . . . . . . . . . . . . . . . . . . 4 x.07
5 Print this amount on Form IT-540, Line 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .