I have rental property in a single member LLC. This year, I paid a monthly premium for individual health insurance. Can I write off that cost as well as other medical costs on Schedule C using my LLC name, and then report my income and expenses on my rental property in the LLC on Schedule E, where I usually do?

ANSWER

Expert Barbara Blacklidge's Answer:

If you're a sole proprietor or a single-member LLC and you did not elect to treat the LLC as a C or S corporation, you do not use Schedule C to deduct health inusrance premiums. Enter 100% of the premiums paid on Form 1040, line 29. You are correct in that you would report your income and expenses from your rental activity on Schedule E. Please let me know if I can assist you further. Thank you and best regards, Barbara

Barbara Blacklidge, EA

Florida

17 yrs experience

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