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3 replies

VolvoGirl
Level 15
Apr 1, 2023 4:49 PM UTC

What kind of 1099?  1099NEC 1099Misc 1099R etc?  Why did you get it?

dontocherAuthor
Level 2
Apr 3, 2023 1:01 PM UTC

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