Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

I have a life insurance policy and want to name TCNJ as the beneficiary but still retain ownership of the policy. Can I deduct the premium payments I make?

April 26, 2017Beneficiary deduct Life Insurance ownership PAYMENTS policy Premium TCNJ

0

Posted

I have a life insurance policy and want to name TCNJ as the beneficiary but still retain ownership of the policy. Can I deduct the premium payments I make?

1 Answer

0

Posted

No. The IRS does not consider this a complete gift. The IRS believes that retaining the ownership of the policy, you can change the beneficiary to someone else (not a charitable organization). TCNJ must be made the irrevocable owner of the policy for your gift offsetting premiums to be considered deductible.