Insurance deduction for tax purpose

[Shodhan Patel]

Hello BPers I have a question regarding property insurance and tax deductibility. I have property deduction and have gotten an umbrella to cover any liability (property is in my name and will only get transferred after I pay it off). The company that I have my umbrella with is requiring me to get renters insurance as well - since we don’t own the current home outright in my name. I also have my car insurance with the same company as umbrella. So now that’s clear as mud. What can I deduct? Rental property- yes Umbrella- ?? Renter insurance - ?? Car insurance - No. The insurance agency that I went thru allows me to make one lump sum payment to them and they distribute the funds as necessary. So what can I deduct for taxes? Thanks Sam

[Lance Lvovsky]

I agree in this case. @Michael Plaks