Private Disability Policy

[JT2307]

I have a self employed client that has been paying on a private disability policy for almost 30 years and now he has to use the policy. When he started it with New York Life his tax preparer at the time told him if he didn't deduct the premiums when and if he had to use the policy that none of it would be taxable.

Is this correct?

[Burke]

A sole proprietor or other individual taxpayer would not have been able to deduct premiums on a disability policy for himself. He did not really have a choice. The benefits from a self-paid disability policy should not be taxable income.

[ATSMAN]

A sole proprietor or other individual taxpayer would not have been able to deduct premiums on a disability policy for himself. He did not really have a choice. The benefits from a self-paid disability policy should not be taxable income.

Correct, I too have a NY Life disability policy about 35 years old!

[JT2307]

thanks

Thanks for the quick response.