If not frozen yet, place the bowl of the ice cream maker in the freezer overnight.
In a large bowl, combine eggnog, heavy cream, condensed milk, and vanilla until incorporated.
Pour the mixture into the frozen bowl of an ice cream maker and churn according to manufacturer's directions. It took me 25 minutes to reach a soft-serve consistency.
Transfer ice cream to a lidded container. Cover surface with plastic wrap and seal. Freeze for 3 hours or overnight for best results.
Serve with whipped cream and a sprinkle of nutmeg.
Notes
Alcohol: If you want a kick of alcohol, add 2 to 3 tablespoons brandy, rum or whisky. Alternatively, you can replace the vanilla with rum extract.Store ice cream in an airtight container in the freezer for up to 2 weeks.