One common point of confusion for taxpayers is whether term life insurance premiums are deductible. The short answer is no—most life insurance premiums are not tax deductible.
In this post, we’ll present answers to common questions that you may have about life insurance premiums and IRS regulations this tax season.
Life Insurance Premiums Paid by Individuals Are Not Deductible
According to the IRS, life insurance premiums are personal expenses that are not eligible for deduction. There are a few exceptions to note:
Alimony Payments: If a spouse is ordered to