Can part time self employed deduct health care (medicare premiums) and long term care premiums on Schedule C assuming self employment is their only source of earned income?
If so, is there an allocation formula (Schedule A vs Schedule C)?
That question has been addressed a few times. Here is the link.
The answers do not address deductibility of long term care premiums.
I don't think either can be deducted on Sch C. Medicare premiums are definitely not deductible on Sch C. Furthermore, the statutory language is "accident or health" plans; I don't have time to research it, but, on the surface, long term care premiums don't seem to me to meet this description.
Not as self employed health insurance deduction for either, plans were not established in business name. But they will transfer to sch A automatically when entered on the social security worksheet
A plan issued in the name of the sole proprietor will satisfy the "business name" requirement, but medicare doesn't qualify anyway.
No You cannot deduct these on Schedule C as they point out
