My Long Term Insurance program has approved me to receive benefits as of 1/1/2024. I paid premiums every month of 2024. The company plans to send me a reimbursement for those premiums. Generally I have deducted long term care premiums as a part of itemized deductions. I am thinking to keep things simple this year I can book premiums as a receivable and not deduct them. Next year's refund of Long Term Care Insurance premiums would be tax free, right?
