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Question

liability insurance for a multi member LLC taxed as a partnership

Forum|Forum|5 months ago
January 31, 2026
1 reply
24 views

I own a multi member LLC, there are 2 partners, so we are taxed as a partnership. We have business liability insurance. I am not sure where to report the cost. Do if I report 50% and my business partner reports 50%. Please advise.

Thanks

TurboTax Home & Biz Windows

Level 15

You will enter in TurboTax Business as an operating expense, and TurboTax will deduct as an expense from your business income (Schedule K-1 (1065) Box 1, 2, or 3). It will then be reported on each Schedule K-1(1065) for reporting on your individual tax returns.

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