I sold my Lincoln "flexible premium adjustable life policy" which had a payoff of $250K for $45K to Coventry Direct.
Got a 1099-LS showing the $45K.
as of inception in 2004 I have paid in $64, 260 in premiums.
I cannot find anything on the IRS site, nor on TurboTax (which I use) that speaks to how one might declare a basis against apparent 'profit' here.
Thanks, Don
