Posted By:
Brian KoyamaI think I've posted this before, but I was robbed in Feb of this year and about 10k worth of cards and over $30k worth of comics (prices that I paid for these items, not FMV) were taken (as well as the usual jewelry, laptops, digital cameras, etc).
The max payout for my cards was $1k, $2.5k for electronics and $2.5k for jewelry.
They paid me a decent FMV for my comics and cut me a check for about $80k.
This would piss me off if I have to pay taxes on the $60k difference as I wasn't planning on selling those items (they were for my personal collection). If I use the money to buy back the comics that were stolen, do I still need to pay it back since they are going to be replaced?