IRS expects criminals to report this one thing on their taxes
Guess I shouldn’t be surprised by anything anymore, but a friend of mine recently released an IRS document that made me doubt what I was watching was real. Well after some research online it was confirmed that what I was looking at was indeed a real IRS document. Document lists “other sources” of income that may need to be reported on your 2021 taxes, one of those items listed was stolen items meaning criminals are expected to enter fair market value in their taxes items stolen in 2021, unless they returned them.
Page 77 of the 2021 Individual Tax Guide presents the original entry from the Internal Revenue Service regarding stolen goods to be reported on your taxes.
The entry for stolen goods is short, and if you weren’t careful, you might miss it. Here’s what the IRS has to say about this “other” source of income.
Stolen property. If you steal property, you must report its fair market value in income in the year you steal it, unless you return it to its rightful owner in the same year.
While the IRS request sounds odd, it makes sense if you really think about it. By not reporting this income on your taxes then the federal government could sue you for tax evasion if you were to be audited or if you like the way they caught Al Capone they couldn’t get him charged with contraband, so the IRS instead went after him for not reporting all of his income on his taxes.
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