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pjm44
New Member

Can I claim self-employed health insurance deduction if my only business is owning and managing rental real estate? Where do I enter it in turbo tax if deductable?

My rental business is a partnership and I report the income on a K-1

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1 Best answer

Accepted Solutions
JulieR
Expert Alumni

Can I claim self-employed health insurance deduction if my only business is owning and managing rental real estate? Where do I enter it in turbo tax if deductable?

If you paid the premiums out of pocket and were not reimbursed by the partnership, please follow these steps to enter the information:

  1. After you've entered the information from all the boxes on the K-1, you will see a screen, Describe the Partnership.  Mark the box I personally paid health insurance . . . and click Continue.  [See Screenshot below.] 
  2. On the Any Self-Employed Insurance Costs enter the Health Insurance Premiums you paid that were NOT included in Box 13M.  Click Continue.  
  3. On the next screen, you will have the opportunity to enter any long-term care insurance costs
  4. You will be brought back to the Partnership/LLC K-1 Summary.  Click Done if you have no additional K-1s to enter.

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4 Replies
JulieR
Expert Alumni

Can I claim self-employed health insurance deduction if my only business is owning and managing rental real estate? Where do I enter it in turbo tax if deductable?

If you paid the premiums out of pocket and were not reimbursed by the partnership, please follow these steps to enter the information:

  1. After you've entered the information from all the boxes on the K-1, you will see a screen, Describe the Partnership.  Mark the box I personally paid health insurance . . . and click Continue.  [See Screenshot below.] 
  2. On the Any Self-Employed Insurance Costs enter the Health Insurance Premiums you paid that were NOT included in Box 13M.  Click Continue.  
  3. On the next screen, you will have the opportunity to enter any long-term care insurance costs
  4. You will be brought back to the Partnership/LLC K-1 Summary.  Click Done if you have no additional K-1s to enter.
pjm44
New Member

Can I claim self-employed health insurance deduction if my only business is owning and managing rental real estate? Where do I enter it in turbo tax if deductable?

Many thanks for the prompt and detailed answer.  You saved me oodles of time and anxiety.

Can I claim self-employed health insurance deduction if my only business is owning and managing rental real estate? Where do I enter it in turbo tax if deductable?

My parents are retired (85 years old) and their main source of income is their rental property and social security. They also have a 1095-A Marketplace insurance. Since their rental property is their main business, how do I help them deduct for Self-Employed Health Insurance? I entered on Schedule E as Other Expense. Is this correct?

Can I claim self-employed health insurance deduction if my only business is owning and managing rental real estate? Where do I enter it in turbo tax if deductable?


@ochang wrote:

My parents are retired (85 years old) and their main source of income is their rental property and social security. They also have a 1095-A Marketplace insurance. Since their rental property is their main business, how do I help them deduct for Self-Employed Health Insurance? I entered on Schedule E as Other Expense. Is this correct?


 

No.  Schedule E is not self employment, so there is no Self Employed Health Insurance deduction.

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