TaxAudit Blog

Tag: insurance

Long-Term Care written on a notebook

The good news is that, at tax time, taxpayers can often deduct part or all of the premiums they pay for long-term insurance for themselves or a dependent.

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COBRA written with wooden blocks on a clipboard. Document in background.

According to the Federal tax laws, unreimbursed COBRA payments are deductible as medical expenses on your tax return if you qualify to itemize your deductions.

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Small paper house with Home Insurance binder next to it

If you meet the conditions for the home office deduction, you are allowed to deduct a portion of your home insurance premium.

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car, money, and calculator on financial sheet

The good news is that you can deduct car insurance from income when preparing your taxes – but the bad news is that you must first meet certain conditions.

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Health Insurance

Yes, under certain conditions, health insurance premiums are tax-deductible. Generally, the health insurance premiums can be deducted in one of two ways.

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Private Mortgage Insurance Paperwork

The PMI deduction was not permanent. This expiration date was extended twice, eventually to 12/31/17, and any PMI paid after that date is not deductible.

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Family under umbrella that says Life Insurance

Life insurance premiums are generally not deductible on your tax return. However, there are few exceptions, such as life insurance premiums paid by a business.

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