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<p>[QUOTE=&quot;imrich, post: 8500325, member: 22331&quot;]Your &quot;argument&quot; is moot, based on supposition, not being in an IRS audit.</p><p><br /></p><p>I believe you&#039;d find any insurance funds received in excess of your proven basis is a &quot;Capital Gain&quot;, with taxes/penalties due upon receipt of an insurance payment.</p><p><br /></p><p>I&#039;ve found that generally the IRS will tax the entire transaction, and allow you to prove a loss by excessive taxation. LOL</p><p><br /></p><p>Off-site, I&#039;d entrust whatever funds you&#039;d wager to lose before an IRS representative decision concerning tax law.</p><p><br /></p><p>JMHO[/QUOTE]</p><p><br /></p>

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