Tax season is right around the corner and the IRS wants thieves to know how they should report stolen property on their tax returns.
According to IRS guidance under "other income," stolen property should be reported the following way.
"Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year."
The agency also wants individuals to include bribes on their tax return, along with illegal activity.
"Bribes. If you receive a bribe, include it in your income."
"Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity."
Twitter is having a field day.
The IRS is serious about this and I can’t get over how funny it is. pic.twitter.com/sjcQD8BQJA
— SB ?? (@sugabelly) December 27, 2021
???? as we approach the end of this tax season, don’t forget to report all your income from illegal activities to the IRS pic.twitter.com/QEsW7gV4bb
— Clown World Today ???? (@cwt_news) December 27, 2021
I think someone from The Babylon Bee is working for IRS in their spare time ?? pic.twitter.com/QV8byPlFDH
— Polca ?????????? (@PolcaDorka) December 28, 2021
Americans: “Taxation is theft”
— Crypto Dreams (@thecryptodreams) December 28, 2021
IRS: *Hold my beer* … Theft is now taxation” pic.twitter.com/PRNwiIWK0a
IRS said they want their cut ??????#TheSimulationisFried pic.twitter.com/ezf82w6psv
— ?????? ??? ?? (@fotoqueen24) December 28, 2021
Join the conversation as a VIP Member