This is archived information that pertains only to the 2001 Tax Year. If you are looking for information for the current tax year, go to the Tax Prep Help Area.
You generally can deduct the ordinary and necessary cost of
insurance as a business expense if it is for your trade, business, or
profession. However, you may have to capitalize certain insurance
costs under the uniform capitalization rules. For more information,
see Capitalized Premiums, later.
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