Taxgirl Posted April 8, 2011 Report Share Posted April 8, 2011 I have a client that is 50% partner in a real estate LLC. My client's share of the LLC profit was approximately $10,000. She and her husband's health insurance premiums were approximately $12,000, which they paid out of pocket. Can I deduct the entire $12,000 on 1040 line 29 or is it only to the extent of their LLC profits? Thanks for your help! Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 8, 2011 Report Share Posted April 8, 2011 The profits would have to be subject to SE tax (not passive income of limited partner). Here is a good article, forgive me, I know it's not "THE CODE" but I think this will help. http://taxes.about.com/od/deductionscredits/qt/healthinsurance.htm Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.