Re: Insurance premium on business asset

I have taken out specific insurance (fire, flood, theft) on one business asset. Is that a legitimate business expense and if so, is it a miscellaneous business expense or where in TurboTax does it go on a Schedule C?

posted

Yes, business insurance is an allowable business expense as it is necessary and ordinary. There is a category for it on your schedule C as Insurance (other than health.)

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