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Don't you dare deduct these expenses, but you may be able to write off related costs

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Don't deduct home insurance, but …
Don't deduct home insurance, but … | Breadmaker/Shutterstock.com

Don't deduct home insurance, but …

The hazard policy you bought to cover damage from fires, tornadoes, hurricanes, winter storms and other disasters, as well as for more routine mishaps, offers peace of mind. What it doesn't provide is a tax deduction for the insurance premiums.

But if you meet some tax law guidelines, you can deduct private mortgage insurance, or PMI, on your 2016 tax return. That's the insurance your lender requires you to buy if you don't put down a big enough down payment.

PMI premiums are deductible as an itemized expense (it goes on Schedule A with your mortgage interest claim) as long as the mortgage insurance policy was issued in 2007 or later. The 2016 tax year is the final one for this deduction unless Congress extends it.

Your income will determine whether you can deduct all, some or none of your PMI.  

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