IRS: Stolen property must be reported as income on taxes

[neurosis]

You just can't make this shit up.  I thought it was a joke until I read the article.  There is a link to the IRS PDF.   


https://komonews.com/news/nation-world/irs-stolen-property-must-be-reported-as-income-on-taxes

CONWAY, S.C. (WPDE) — Stolen anything lately?

The Internal Revenue Service is telling taxpayers to report anything stolen this year as income on tax returns — unless they return it.

A photo circulating online has others wondering if it's fake.

Well, believe it. The rule is real and 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.

Add illegal activities to the list too.

The guide says, "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."

That rule was added when a South Carolina man, Manly Sullivan, was convicted in 1922 of evading federal taxes on the income he earned through "running illegal whiskey," according to The Mob Museum.

In the court case United States v. Sullivan, he challenged his conviction on federal charges on the grounds he could not be required to incriminate himself, also known as the Fifth Amendment, by declaring illegal income.

[Del.]

Can I depreciate a loss on my stolen items?

[neurosis]

right?

[RobertELee]

I've been seeing this everywhere and confused as to why it's coming up now?  It's like a 100 year old law...

[CNCAppsJames]

I've been seeing this everywhere and confused as to why it's coming up now?  It's like a 100 year old law...

Because during the Scamdemic people reached the end of their Netflix feed and got bored so they picked up a copy of the US Tax code. All 74,608 pages of it.

[CADCAM396]

had property broke into and tried to claim it on tax .. negative not enough loss per income
had same property burn down in a fire cabin and lumber loss.. negative not enough loss per income.
guess i make too much at 46k a year. IDK seems pretty chitty to me.
they kept charging me tax on the burnt down land for two years while i had to petition taxes on what did not exist. phuckers finally cut tax down on my land but did not pay me back the two years they miss charged me. tax is a scam not in our favor.

[HTM01]

they want drug dealers to report their income too

[CNCAppsJames]

they want drug dealers to report their income too

The IRS DGAF about legal/illegal. They want their money. EVERY. SINGLE. PENNY.

[Dan_AKA_ROY]

Here. Had to sign up. Tried to log in, won't let me. "Activation code not found".

Help!

[neurosis]

Here. Had to sign up. Tried to log in, won't let me. "Activation code not found".

Help!

Do you want me to reset your password for you so you can use your old account? 

[Dan_AKA_ROY]

Do you want me to reset your password for you so you can use your old account? 

Yes.

[YoDoug]

Well if I have to start claiming income from my illegal drug empire you can be sure I am going to itemize my taxes. I expect full deductions on illegal weapons bought to secure my empire. I also expect full mileage and plan document every trip. 

[Dan_AKA_ROY23]

I stole a few packs of baseball cards with I was 12. 

OK, got in neurosis. Thanks.

[Incogneeto]

I stole a few packs of baseball cards with I was 12. 

OK, got in neurosis. Thanks.

I Told Nuero "Only The Unvaxxed"