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Question

Single Member LLC and Long Term Care (LTC) paid with Single Premium

Forum|Forum|1 year ago
February 20, 2025
1 reply
0 views

Hi, have a Single Member LLC and purchased LTC for myself and husband. To avoid finance charge and potential annual premium increases we paid a lump sum for our LTC. As a single member LLC is it possible to consider the whole payment as an expense vs. just the annual limit?

Thanks!

Not A Product Question

No. You can only deduct long-term care premiums paid in the tax year as a medical expense up to the annual limits; however, that is per person covered. So you can deduct up to the limit for you and then in addition up to the limit for your spouse.

Here is a link with more information if needed.

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