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Itemized Deductions Schedule-A


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Old 03-29-2009, 04:02 PM
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Deductibility of Life Insurance for Sole Proprietor

Are life insurance premiums deductible for a sole proprietor?



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Old 03-29-2009, 09:33 PM
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Generally speaking, the IRS does not allow any sole proprietors to deduct either the life or disability premiums as an expense on their Schedule C of the taxpayers income tax return.

Also, for your information, the proceeds from the life insurance premiums are not generally taxable to the taxpayer/receipient receiving these benefits.

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