SE LTC Insurance Premiums

[susieq]

Client is retired, collects a public retirement, is covered for medical by county. He also collects SS and pays the Med B premiums. He has purchased Longterm Care Insurance for he and his wife and wants to deduct it on his Schedule C. HE is self employed as a psychologist/consultant.

I know there are specific rules about SE individuals not being able to consider the regular premiums paid for health insurance as 100% deductible if you are covered under another plan. What about LTCI?

[Bees Knees]

LTCI is treated as health insurance up to the annual limits based on age of the person covered. So if your client is self employed, you would treat that portion of the LTCI just like any other health insurance, up to the applicable limits.

[veritas]

"He has purchased Longterm Care Insurance for he and his wife and wants to deduct it on his Schedule C."

No way Jose on Sch C.