I receive a on-time buy out of my Long Term Care plan Policy. The Insurance company is not issuing a 1099. So how do I handle this? From what I am reading I need to subtract the amount of premiums paid from the amount received and that is declare as other Miscellaneous income. Is that correct? How does the IRS know that amount of premiums that I have paid? The policy was 16 years old when I accepted the buy out.
