Individually owned life insurance premiums are generally tax deductible.

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Individually owned life insurance premiums are not tax deductible on federal income tax returns. However, there are certain situations where premiums may be deductible, such as if the policy is owned by a business or if the policyholder is self-employed and the premiums are considered a business expense. Consult with a qualified tax professional for specific advice regarding your individual situation.

Individually Owned Life Insurance Premiums Are Generally Tax Deductible