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If I pay my parents Cobra health insurance payments for them through my business account, would I show this as income for myself? They are not dependents and as such are not claimed on my personal tax return but my suspicion is that this is taxable income to me?


ANSWER


Expert Linda Burroughs's Answer:

The payments would be considered taxable as other income to you. 

Linda Burroughs, CPA

Georgia

25 yrs experience

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