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.

Article Details
Views: 1455 Created on: Jun 15, 2013