Can I take Liberty Mutual as a deduction?

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Dixon Garcia

CPA, FlyFin

Please let us know the type of insurance you have taken from Liberty Mutual Insurance company, before we can advise if you can take them as deductions. In general, Renters insurance is tax-deductible only when you are running a business from your apartment or rental home and you've set aside an area meant solely for work. You may also deduct your Car insurance costs from your taxes, for the percentage of the time you use your car for business. If half the time you use your car is for business, then you may deduct 50% of the yearly auto insurance costs on your taxes.

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About Author

Dixon Garcia

CPA, FlyFin

Dixon is one of the best tax experts from the United States. He has an experience of 28 years in the field of corporate finance. Before FlyFin, Dixon had served as the Tax Head at KPMG, NJ.