Depending on how big your rental business and how established your insurance plan is, costs to insure rental property are deductible, so depending on how you structure your rental business, you may be able to cover your life and medical insurance as part of the rental business.
Structuring your rental property as a Limited Liability Company (LLC) may permit you to deduct these costs for you and your family, but you should talk to a tax advisor to find out more.
You might want to refer with IRS Publication 535 to learn more about business expenses.
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