6 Comments → “I Took Out A Life Insurance Policy … How Do I Claim This On My Taxes?”
Lee, CPA - TurboTax employee
2 years ago
Sorry but you can’t deduct the cost of a life insurance policy for you or your cat on your tax return. Also, unless your cat assists a visually-impaired or hearing-impaired person, or a person with other physical disabilities, your catss expenses aren’t deductible on your tax return.
doanel
2 years ago
For your Cat? Boy, the woman above missed that tidbit.
I think you are out of luck myself.
Bostonian In MO
2 years ago
You don’t. It’s not deductible.
Rick
2 years ago
It should not appear anywhere on your tax return. Premium payments are not tax deductible.
Why are you wasting money insuring the life of your cat? You should insure the life of income producers in your family only.
Ola
2 years ago
It is not deductible.
Jo Blo
2 years ago
No deduction there,
you don’t claim it on your taxes…
But the beneficiary doesn’t have to pay tax on the money when they receive it.
Lee, CPA - TurboTax employee
2 years ago
Sorry but you can’t deduct the cost of a life insurance policy for you or your cat on your tax return. Also, unless your cat assists a visually-impaired or hearing-impaired person, or a person with other physical disabilities, your catss expenses aren’t deductible on your tax return.
doanel
2 years ago
For your Cat? Boy, the woman above missed that tidbit.
I think you are out of luck myself.
Bostonian In MO
2 years ago
You don’t. It’s not deductible.
Rick
2 years ago
It should not appear anywhere on your tax return. Premium payments are not tax deductible.
Why are you wasting money insuring the life of your cat? You should insure the life of income producers in your family only.
Ola
2 years ago
It is not deductible.
Jo Blo
2 years ago
No deduction there,
you don’t claim it on your taxes…
But the beneficiary doesn’t have to pay tax on the money when they receive it.