The following report is from USA Today:
Did you steal a car in 2021? How about taking a bribe? If you did, the IRS says to make sure you report it on your taxes.
Those provisions went viral Monday following a tweet alerting taxpayers to those somewhat surprising requirements to note the value of your ill-gotten gains.
Tax szn is around the corner. Remember to report your income from illegal activities and stolen property to the IRS.
Read the tweet from @litcapital.
The requirements can be found at IRS.gov amid other missives to report income earned from jobs in the gig economy and what to do about taxable alimony payments.
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.
Read the provision for stolen property.
What if you’re dealing drugs or caught up in other crimes?
In that case, the IRS publication says jot your earnings on line 8z, Schedule 1 of your 1040 form, “or on schedule C … if from your self-employment activity.”
And don’t forget to report any bribes or kickbacks you took in the course of doing business.
The kickbacks also go on Schedule 1 or Schedule C, while the IRS says bribes should simply be included in your income.
The twitterati had a field day.
If I steal a bunch of tvs from walmart and a homeless man steals them from me can i write that off as a loss?
So once you report your stolen stuff you legally get to keep it right? Asking for a friend.
Read one tweet
An IRS spokesman confirmed the provisions are on its website but declined to comment further.
IRS Will Soon Require Facial Recognition To Access Online Records
AUTHOR COMMENTARY
The wicked borroweth, and payeth not again: but the righteous sheweth mercy, and giveth.
Psalm 37:21
The mental retardation of this demonstrates just how desperate the government is at this point, to where they are throwing up their hands and enforcing criminals report their theft on their taxes. GOOD LUCK WITH THAT. Not only are they broke beyond their eyeballs, they needy a hilarious excuse to spy on more people.
I mean, you can’t make this stuff up!
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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My husband thought that was satire when I told him about it! lol. Frankly, so did I at first. Half the government needs to file reports though : – )
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Isaiah 44:25 That frustrateth the tokens of the liars, and maketh diviners mad; that turneth wise men backward, and maketh their knowledge foolish;
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Remember Ahithophel? 2 Samuel 15:31 And one told David, saying, Ahithophel is among the conspirators with Absalom. And David said, O LORD, I pray thee, turn the counsel of Ahithophel into foolishness.
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2 Samuel 17:23 And when Ahithophel saw that his counsel was not followed, he saddled his ass, and arose, and gat him home to his house, to his city, and put his household in order, and hanged himself, and died, and was buried in the sepulchre of his father.
Yes. I remember when a I saw that PayPal & others had to report customers transactions that totaled $600 or more per year I said these are things that failing countries do to try to stave off a looming currency/financial crises.
Also the IRS changes could encourage even more shoplifting/looting/stealing that is plaguing cities like San Francisco, LA, etc.
Sounds like hypocrites to me.The crooked wanting the crooked to file taxes.Imagine that.
They must be smoking those cocaine e cigarettes.
They may be putting these federal laws into effect for the future when the economy crashes and they move to digital currency on the blockchain. Everyone will need a digital biometric ID to access this new financial system. People who don’t comply may attempt to steal or barter. Having this law would result in federal sentences for these “crimes.”