IRS Requirement to Report Stolen Property

[Nobert]

Several posts displaying the Internal Revenue Service’s (IRS) guideline requiring taxpayers to report stolen goods as income went viral this week, leading to an array of online speculation as to the practical consequences of the requirement as well as references to the recent wave of mass lootings.

https://www.breitbart.com/politics/...-report-stolen-property-as-income-goes-viral/

Al Capone felt for this.

 

[jeb9999]

This IRS rule has been around for many decades. It mainly trips up embezzlers who have been stealing money for years. Even if they pay back the embezzled money one year they still owe taxes on the money embezzled in previous years.

 

[Big AAPL]

Just read this in my local newspaper:

The IRS doesn’t want you to forget to include income from dealing illegal drugs or stolen property on your tax forms this year.


“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,” the IRS’ website states.


The list was created to help those preparing their 2021 tax returns.


Good luck getting criminals to abide by the law.

 

[taojaxx]

It's not about making criminals abide by the law, they're too stupid to do so. It's about adding an extra count to the indictment.
Remember Al Capone spent his final vacation days in sunny Alcatraz on tax evasion, as he couldn't be caught on anything else.