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Can I deduct long term care insurance premiums and I am invested in several publicly traded MLPs and have profits in at least one MLP as reported on my 2017 K1?
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Can I deduct long term care insurance premiums and I am invested in several publicly traded MLPs and have profits in at least one MLP as reported on my 2017 K1?
You can deduct the long term care insurance premiums as a business deduction only if you are a general partner. If you’re a partner, the policy can be in your name or the partnership’s name and either of you can pay the premiums. If the policy is in your name and you pay the premiums, the partnership must reimburse you and include the premiums as income on your Schedule K-1.
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Can I deduct long term care insurance premiums and I am invested in several publicly traded MLPs and have profits in at least one MLP as reported on my 2017 K1?
You can deduct the long term care insurance premiums as a business deduction only if you are a general partner. If you’re a partner, the policy can be in your name or the partnership’s name and either of you can pay the premiums. If the policy is in your name and you pay the premiums, the partnership must reimburse you and include the premiums as income on your Schedule K-1.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Can I deduct long term care insurance premiums and I am invested in several publicly traded MLPs and have profits in at least one MLP as reported on my 2017 K1?
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