Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
rickjhan
New Member

My wife and I purchased health insurance together in 2016. My wife is a self employed appraiser. Can we deduct health insurance payments as a business expense?

 
1 Best answer

Accepted Solutions
MaryK1
Level 9

My wife and I purchased health insurance together in 2016. My wife is a self employed appraiser. Can we deduct health insurance payments as a business expense?

Yes,

You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.

Include health insurance premiums you made for your dependents who were under age 27 at the end of 2016.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
Cattlerancher
New Member

My wife and I purchased health insurance together in 2016. My wife is a self employed appraiser. Can we deduct health insurance payments as a business expense?

It's entered in TurboTax just after your business expenses. It is not reported as an expense of your business. It's a deduction from your total income which lowers your AGI. The amount will be reported on line 29 of your 1040.
MaryK1
Level 9

My wife and I purchased health insurance together in 2016. My wife is a self employed appraiser. Can we deduct health insurance payments as a business expense?

Yes,

You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.

Include health insurance premiums you made for your dependents who were under age 27 at the end of 2016.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v