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Old 04-03-2011, 09:42 PM
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Default Regarding insurance on 8829

I am looking for clarification on form 8829 line 17 regarding insurance expenses

1. Insurance payment was made in december of 2009 for protection during 2010. Another insurance payment was made in december of 2010 for protection during 2011. Should I use the payment from december 2009 for the 2010 taxes?
2. Our business started in March 1st, 2010. I believe I should prorate the cost of the insurance(306days/365days) and enter this number on line 17. Is this correct? Can I then use the remainder as deductions on other forms?
3. In March I have adjusted our policy for additional protection. This increased liability to our already existing homeowners policy. Can i enter the full amount the policy premium increased by in column A, as it was already prorated from the insurance provider or does it have to be an entirely different policy specifically for the business to enter it in column A?

Thank you so much for any help you can provide.
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Old 04-04-2011, 04:40 AM
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Michael Michael is offline
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Some more info on form 8829:
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Old 04-04-2011, 02:21 PM
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TomCopeland TomCopeland is offline
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Default insurance

Use the December 09 payment for your 2010 expense.
Yes, prorate the insurance on line 17. Also, prorate your time-space % based on 306 days.
Put the full amount of the extra coverage in column A.
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form 8829

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