IRS Requirement to Report Stolen Property as Income Goes Viral: 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. The IRS requires U.S. citizens to list goods they stole during the year on their federal income tax returns, something which proved news for many after a series of viral posts set off a Twitter storm on Tuesday. The guideline, however, is no laughing matter. Though many appeared to initially regard the screenshot as fake, it is real — as the IRS legally requires stolen property and bribes to be reported as income. The IRS Publication 17 (2021) guideline states, “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 publication also says, “f you receive a bribe, include it in your income,” while demanding any unlawful earnings be listed as income. “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,” it reads. An IRS spokesman confirmed the provisions are on its website but declined to comment further, according to USA Today. Some were quick to point out the utility of such a clause. “This is so the IRS can go after people for tax evasion even for stolen goods,” wrote one Twitter user. “The reason the IRS requires you to declare stolen goods on your tax returns is so that, when you don’t do that, federal prosecutors can nail you on tax evasion even if they can’t nail you on the theft itself,” wrote another. Yea right! What idiot lawmakers are we voting in?! TR :wacko: :wacko: :wacko: :wacko: :wacko: :wacko: Wow - how "stupider" can all of this get (is stupider a word?). If our law makers have nothing better to do than to sit around and conjure up legislation like this then we have too many lawmakers. There are critical issues all across this nation and that's the best they can do? What next? If you snack on samples at Costco do you need to report those as well? They want us to rebel and overthrow the old order. This is so stupid it has to be on purpose. Good grief. :wacko: Stop the world. I wanna get off. :prayer-hands: This world is scheduled for a do over anyway! Also includes the elimination of fruitcakes! Both literal and political! TR Taking away fruitcake is like taking away ambrosia! Oh, banish the thought! ? How many times did your momma drop you on your head as a child?! Just curious! TR Having an exceptionally good and diverse palate doesn’t come from being dropped on ones head. ? Palettes, pallets, or palates? Two of these might represent a convenient place to store peanut butter, under one just a little, on the other a lot. :yes: Or if you swirl all the colors on one of them, you'll quite likely blend the color of peanut butter. :good: English is such an interesting language, don't you think, Yohanan? :unsure: If you deliberately dial a a homophone, it is quite likely to be the wrong number. :whistle: :yes: Don't get me started on homonyms... Boy, I'm glad not to be learning English as an adult. :wacko: By the way, do you enjoy homonym grits, Yohanan, bein' from the South and all? :unsure: 😉 ["PSUD" -- (Please Shut Up, Dan)] :negative:
