Life Insurance as Deduction

[Don O.]

I've been browsing the web and I don't believe I can write off any of my premium for life insurance but wanted to make sure I'm not missing anything.

I am currently looking at purchasing my first property as a "buy and hold". I have an LLC set up, tax id, and a business bank account. I want to be sure that I have adequate life insurance in place to cover the mortgage on my primary residence, as well as any rental property/s I may purchase so in the even I exit this mortal coil, my family can pay off any debt.

The agent I spoke with tried to tell me, "good news... you can deduct this if you have a business..." but I'm not seeing that as the case. Apparently if I was an S or C corp and the proceeds were paid to employees, maybe... but as an LLC where I'm the sole owner and will pass any profit/loss through my personal taxes, I think I'm on my own.

Thanks for any clarification or pointers.

Don

[Patrick Liska]

Hopefully a CPA or a life insurance agent will chime in, but i believe that is correct, that you cannot deduct your life insurance premiums. at least that is what i have been told by my CPA, but maybe i haven't asked him the right questions.