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Author: sep4me Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Itemized Deduction: which insurance deductible? Date: 2/13/2000 4:44 PM
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I am self-employed. I pay for my own long term disability insurance and for office overhead insurance. I know one of them is deductible, the other isn'...but can't remember which is which.. Anyone know?
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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 28536 of 121572
Subject: Re: Itemized Deduction: which insurance deducti Date: 2/13/2000 5:11 PM
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<< I am self-employed. I pay for my own long term disability insurance and for office overhead insurance. I know one of them is deductible, the other isn'...but can't remember which is which.. Anyone know? >>

Personal disability premiums are not deductible, nor are benefits taxable, but we'll hope you never deal with that part. I don't know what office overhead insurance is, but I'm guessing it's some sort of coverage to keep the business going while you can't. If so, I'm not sure of the answer, but I think it would be a qualified Schedule C expense.

Phil Marti
Tax Preparer

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