I have never deducted them before so I am guessing no, but I don't want to lose out if they are.
2007-03-05 08:32:29 · 8 answers · asked by floatnfun 4 in Business & Finance ➔ Taxes ➔ Other - Taxes
Generally speaking, life insurance premiums are not tax deductible. However, when you borrow money from a financial institution, and it demands that you assign the policy as collateral on your loan and the interest on the loan is tax deductible, the law allows you to deduct whichever is less, the insurance premium or the net cost of pure insurance.
If a part of your premium goes toward savings, this portion will not be tax deductible since the law is set up to allow only the insurance part of the premium to be deducted. In order for your life insurance premiums to be tax deductible, the purpose of your loan must be to earn business or property income.
For more info, check out:
http://www.dsf-dfs.com/en-CA/Prtclrs/CnsltCntrFrmtn/FAQ/FqFscltAssrncV.htm
2007-03-05 08:36:47 · answer #1 · answered by Bonny K 4 · 1⤊ 3⤋
No there are not , and in fact you if you deduct them the life insurance proceeds may be taxed now because you have deducted them . Life insurance is tax free because its being paid after tax dollars . You should consult a tax expert .
2007-03-08 02:50:52 · answer #2 · answered by Gentleman 7 · 0⤊ 1⤋
they are not tax deductible. but you may able to save yourself some money by looking around for less inexpensive life insurance. Buy term insurance if you don't own this already.
2007-03-05 14:45:07 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Life insurances premiums are almost never tax deductible.
Why? Because life insurance proceeds are also not taxable.
These are basic general exceptions to the income and expense inclusion rules.
2007-03-05 08:59:18 · answer #4 · answered by Molly 6 · 1⤊ 2⤋
once you are the beneficiary of a life ins coverage,there is not any tax. this is the excellent factor approximately life ins. IF the valuables is beneficiary, then, LOL> The proceeds are difficulty to the valuables tax, and it ought to take months, if no longer years, till the heirs to the valuables see a cent of it.
2016-12-14 11:35:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, they are not deductible for anyone.
2007-03-05 09:47:17 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 1⤋
no- usually on medical insurance premiums
2007-03-05 08:34:58 · answer #7 · answered by Anonymous · 2⤊ 1⤋
No they are not, out-of-pocket expenses over $7500 in one year are.
2007-03-05 08:43:57 · answer #8 · answered by Amy V 4 · 0⤊ 3⤋