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fastmehelp
March 30, 2023
Question

My wife is self employed. Can we claim each of our life insurance policies as her business deductions?

  • March 30, 2023
  • 3 replies
  • 0 views
We are using TT Home & Business.

3 replies

VolvoGirl
VolvoGirl
March 30, 2023

No

M
MayaD
March 30, 2023

No. The IRS considers life insurance a personal expense and ineligible for tax deductions.

Employers paying employees’ life insurance premiums can deduct those payments, with some restrictions.


 

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leeloo
leeloo
March 30, 2023

The IRS says this premium could be deductible if:

  1. Life insurance covering your officers and employees if you aren’t directly or indirectly a beneficiary under the contract.

Since you have a sole proprietorship the above does not apply to you and it would never apply for a spouse. You may be confusing this with the rule for health insurance.

 

 

 

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