The IRS Deductions Blog

Question: Is this homeowner’s insurance assessment deductible on my Louisiana return?

I am using turbotax to do my return this year. I live in Louisiana. I was prompted to enter in my 2008 homewoner’s insurance info. It then asks for LA Fair Plan Regular Assessment amount. My homeowners says “2005 LA Fair Plan Emergency Assessment: $150″ . Is this what I am propmted to enter? Is this what is deductible?

Answer: From the instructions of LA form R-540INS

Information concerning the assessment amounts and Insurance Declaration Page – The amount of this assessment may appear as separate line items on what is referred to as the “Declaration Page” of your property insurance premium notice. The Declaration Page names the policyholder, describes the property or liability to be insured, type of coverage, and policy limits. Depending on the location of the insured property, these line item charges may be listed as: Louisiana Citizens FAIR Plan REGULAR Assessment, Louisiana Citizens FAIR Plan EMERGENCY Assessment, Louisiana Citizens Coastal Plan REGULAR Assessment, and/or Louisiana Citizens Coastal Plan EMERGENCY Assessment. Your total allowable credit is the total of these amounts, if they are shown on the Declaration Page.
Important note: If you are a customer of the Louisiana Citizens Insurance Corporation and you paid the Tax Exempt Surcharge, this surcharge may not be claimed.

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