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?

mark199 · ‎June 6, 2019

MaryK1 · ‎June 6, 2019

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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MaryK1 · ‎June 6, 2019

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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will2402- · ‎June 6, 2019

I assume this also is true of personally-paid health insurance premiums, right?

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?