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#6
03-21-2005, 04:26 AM
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 Re: Corporation deduct long term care insurance - officers? Frederick Jorden wrote: - quote - > Harlan Lunsford wrote:
Now that is a distinct possibility. Good thought there.> > James wrote: > > > Can a C corporation deduct long term care insurance on > > > corporate officers? Since LTC insurance is treated as health > > > insurance for the SE health insurance deduction, it seems to > > > me the corp could likewise deduct premiums? > > Long term care would occur when and if the insured were > > unable to care for himself, right? And in that case, he > > would be of no practical use to the corporation as an > > offier, right? > > > Therefore I can't see such premiums as being ordinary and > > necessary. > > > Oh, and this has nothing to do with SE healthy insurance > > deduction. > But could it be part of a non qualified retirement plan? ChEAr$, Harlan Lunsford, EA n LA Sun 20 Mar 2005 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
03-18-2005, 11:07 AM
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| Re: Corporation deduct long term care insurance - officers? "Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote: - quote - > James wrote:
Why not? Fringe benefit for an employee.> > Can a C corporation deduct long term care insurance on > > corporate officers? Since LTC insurance is treated as health > > insurance for the SE health insurance deduction, it seems to > > me the corp could likewise deduct premiums? > Long term care would occur when and if the insured were > unable to care for himself, right? And in that case, he > would be of no practical use to the corporation as an > offier, right? > Therefore I can't see such premiums as being ordinary and > necessary. - quote - > Oh, and this has nothing to do with SE healthy insurance
Agreed. If for no other reason that the officer isn't self> deduction. employed for this purpose. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
03-17-2005, 05:51 AM
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| Re: Corporation deduct long term care insurance - officers? "James" <james_s1315[at]yahoo.com> wrote: - quote - > Can a C corporation deduct long term care insurance on
Absolutely!> corporate officers? Since LTC insurance is treated as health > insurance for the SE health insurance deduction, it seems to > me the corp could likewise deduct premiums? This is one that a lot of pros miss. Gene E. Utterback, EA, RFC << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
03-17-2005, 04:35 AM
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| Re: Corporation deduct long term care insurance - officers? Harlan Lunsford wrote: - quote - > James wrote:
But could it be part of a non qualified retirement plan?> > Can a C corporation deduct long term care insurance on > > corporate officers? Since LTC insurance is treated as health > > insurance for the SE health insurance deduction, it seems to > > me the corp could likewise deduct premiums? > Long term care would occur when and if the insured were > unable to care for himself, right? And in that case, he > would be of no practical use to the corporation as an > offier, right? > Therefore I can't see such premiums as being ordinary and > necessary. > Oh, and this has nothing to do with SE healthy insurance > deduction. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
03-17-2005, 03:19 AM
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| Re: Corporation deduct long term care insurance - officers? Harlan Lunsford <hlunsford[at]bellsouth.net> wrote: - quote - > James wrote:
They may be necessary to attract a qualified employee.> > Can a C corporation deduct long term care insurance on > > corporate officers? Since LTC insurance is treated as health > > insurance for the SE health insurance deduction, it seems to > > me the corp could likewise deduct premiums? > Long term care would occur when and if the insured were > unable to care for himself, right? And in that case, he > would be of no practical use to the corporation as an > offier, right? > Therefore I can't see such premiums as being ordinary and > necessary. - quote - > Oh, and this has nothing to do with SE healthy insurance
I'd think of it as similar to employee life insurance.> deduction. Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-14-2005, 01:29 AM
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| Re: Corporation deduct long term care insurance - officers? "James" <james_s1315[at]yahoo.com> wrote: - quote - > Can a C corporation deduct long term care insurance on
Yes.> corporate officers? Since LTC insurance is treated as health > insurance for the SE health insurance deduction, it seems to > me the corp could likewise deduct premiums? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-14-2005, 12:51 AM
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| Re: Corporation deduct long term care insurance - officers? James wrote: - quote - > Can a C corporation deduct long term care insurance on
Long term care would occur when and if the insured were> corporate officers? Since LTC insurance is treated as health > insurance for the SE health insurance deduction, it seems to > me the corp could likewise deduct premiums? unable to care for himself, right? And in that case, he would be of no practical use to the corporation as an offier, right? Therefore I can't see such premiums as being ordinary and necessary. Oh, and this has nothing to do with SE healthy insurance deduction. ChEAr$, Harlan Lunsford, EA n LA Sat 12 Mar 2005 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-12-2005, 01:38 PM
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| Corporation deduct long term care insurance - officers? Can a C corporation deduct long term care insurance on corporate officers? Since LTC insurance is treated as health insurance for the SE health insurance deduction, it seems to me the corp could likewise deduct premiums? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| care, corporation, deduct, insurance, long, officers, term |
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