No, The IRS does not recognize managing rental properties reported on Schedule E as a business. Consequently, they do not allow any business overhead deductions, including cost of health insurance.
Premiums for qualified* long-term care insurance policies are deductible on your 2020 federal taxes (if you itemize) up to these per-person amounts. Like any other medical expense, you have to itemize to get the deduction.
- $430 — under age 41 as of December 31, 2020
- $810 — age 41–50 as of December 31, 2020
- $1,630 — age 51–60 as of December 31, 2020
- $4,350 — age 61–70 as of December 31, 2020
- $5,430 — age 71 or higher as of December 31, 2020
Some states also have their own long-term care credit or deduction; when you do your state taxes, we'll let you know if your state offers tax breaks for long-term care.
*A qualified long-term care insurance policy is guaranteed renewable, has no cash surrender value, doesn't cover Medicare-reimbursed expenses, nor uses any refund to reduce future premiums (except in death or cancelation).
