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I want to retain ownership of the insurance policy but name ASHRAE Foundation as the beneficiary. Can I deduct the premium payments I make?

April 26, 2017ASHRAE Beneficiary deduct foundation insurance policy ownership PAYMENTS Premium

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I want to retain ownership of the insurance policy but name ASHRAE Foundation as the beneficiary. Can I deduct the premium payments I make?

1 Answer

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10 Posted

No. The IRS would not consider that a “completed gift” – they’d say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. ASHRAE must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible.