I am 27 and self-employed running a SMLLC. Fortunately, my father’s company offered COBRA to me after turning 26 and getting the boot from their insurance.
Am I able to claim these expenses as my Health Insurance Premiums on my deductions? It’s unclear to me if this is acceptable and I can’t seem to find answers to this specific inquiry anywhere online.
Thanks in advance!
No, you cannot deduct the COBRA payments on your self-employed business. For you to be able to deduct these payments on your business the insurance plan must be established, or considered to be established as in the business name or in the name of an individual.
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