Farm Income Expense - Insurance
Article ID: 33328

Question

Farm Income Expense - Insurance

Answer

Deduct premiums paid for farm and business insurance. Deduct amounts paid for employee accident and health insurance under Farm Expenses - Employee Benefit Programs. Amounts credited to a reserve for self-insurance or premiums paid for a policy that pays for your lost earnings due to sickness or disability are not deductible. 

For more information see IRS Pub. 535.

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Article Details

Views: 1395	Created on: Jun 15, 2013 Date updated: Aug 07, 2015
Posted in: GENERAL QUESTIONS, Schedule F - Farming Income

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