Edsel Posted June 8, 2017 Report Share Posted June 8, 2017 99% C Corp owner has a life insurance policy for $1,000,000. The C Corp at one time had a line of credit with the bank, and the bank required him to carry this policy with the corporation named as beneficiary. The policy is still in effect but the line of credit requirement is gone. When the line of credit was paid off, his age was such that keeping the policy was a prudent thing. Premiums for this policy last year were $14,000. Can the corporation deduct this as an expense?? Quote Link to comment Share on other sites More sharing options...
bbstacker Posted June 8, 2017 Report Share Posted June 8, 2017 No, life insurance premiums are not deductible to the corporation. You will also want to look at Form 8925, Report of Employer-owned Life Insurance Contracts to ensure compliance. Quote Link to comment Share on other sites More sharing options...
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