Tax deductions on assigned policies? It’s tricky, but we can help!pen_spark
In some cases, you might be able to deduct a portion of your premiums if your policy is used as loan collateral. But there are a few catches:
- Loan Purpose: The loan has to be for business or investment purposes.
- Lender Type: The lender needs to be a bank, credit union, or similar institution.
- Policy Assignment: The lender has to require this as a condition of the loan.
It’s a complex topic, so we highly recommend chatting with your tax advisor for details. Want help understanding your options? Book an easy meeting with us – we’re happy to walk you through it.