Tuesday, January 4, 2022

If You Steal Something, You Must Report It as Income, IRS Says. Wait, What?; IRS Reminds Thieves, Drug Dealers to Report Their Illegal Income

AP Photo/Susan Walsh, File
If you steal something, you must report it as income, IRS says. Wait, what?
Yes, you’re supposed to report anything you stole this year as income on your tax returns — unless you return it.
An image circulating on social media of guidance from the Internal Revenue Service telling taxpayers to do so has some people confused and others wondering whether it’s fake.
But the rule is real. It’s included in the IRS’s 2021 federal income tax guide.
“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 guide says.
Similarly, the IRS wants you to report income from any illegal activities. --->READ MORE HERE
Bloomberg via Getty Images
IRS reminds thieves, drug dealers to report their illegal income:
Steal any property or deal any drugs this year? Well, the IRS wants it reported as taxable income.
The Internal Revenue Service is reminding Americans that they must report all of their hard-earned income to be taxed, even if it is the result of criminal activity, according to the bureau’s updated Publication 17 for the 2021 tax season, which offers general guidelines for filing taxes.
“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 IRS told sticky-fingered Americans. --->READ MORE HERE
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