where to deduct life insurance

Forum|Forum|4 years ago
January 26, 2022
2 replies
29 views

I work for the public school district as a counselor and have a small counseling consulting job on the side.

I also declare rental income on the duplex I own and in which I live.

I am wondering which and how of the following costs i can deduct:

1. malpractice insurance

2. car insurance

3. life insurance

4. umbrella insurance

5. home owners insurance ( i think i know where that one goes....

JulieS

Level 15

Is your side job a business, or do you get a W-2?

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JulieS

Level 15

If your "side job" is a business, you can deduct the malpractice insurance as a business expense on your self employment schedule, If you also have vehicle expenses you can deduct, you can include your auto insurance there too.

If your side job is a job, and you get a W2 form, you can't deduct your malpractice or car insurance at all.

Life insurance on your self is not deductible.

If your umbrella policy is connected to your rental activity you can deduct the cost of the umbrella policy and half of your homeowner's insurance as rental expenses.

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