Are insurance premiums tax-deductible? Forty-nine percent of Americans think so, according to a recent survey of 1,550 people conducted by the consumer research and analysis website ValuePenguin.com.
That means people could be heading for trouble with the Internal Revenue Service if they think they can write off the cost of their auto, health, home or life insurance policies as tax deductions, according to ValuePenguin, whose explanation makes one thing clear: it’s complicated.
