Ahead of the fast approaching tax season, the Internal Revenue Service has published information on preparing 2021 tax returns, including information stating that money received from illicit activities must be reported on taxes.
The IRS states that income received from illegal activities like drug dealing "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."
They also state that "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."
Tax filers are also required to include any bribes they receive on their income taxes.
Twitter users were quick to mock the inclusions from the IRS, questioning why criminals would file taxes to begin with and joking that those that stole items throughout the year only have a few days before those items turn into taxable income.
Today I found out you must report stolen property as part of your income to the IRS.
— Sydney Watson (@SydneyLWatson) December 27, 2021
Someone had better tell all the 2020 looters and rioters. ?
Reminder: According to the IRS, if you stole property this year, you must return it to its rightful owner before New Years.
— Ford Fischer (@FordFischer) December 27, 2021
If you keep it, you will be required to declare its fair market value in the income section on your taxes.https://t.co/zHBMzfywAG pic.twitter.com/TfbEUYooaQ
“Right there bois, that’s the guy who didn’t report his stolen property at fair market value to the IRS” pic.twitter.com/Fr9vDBtc86
— litquidity (@litcapital) December 28, 2021
Remember kids, just because you stole something, doesn’t mean the IRS shouldn’t get their cut. pic.twitter.com/jDN8KTZSw0
— Mark/Armenian Abs/Personal Jesus/Half Pint (@MarkEllison06) December 29, 2021
The IRS wants to help you report taxes on stolen property. They just want their share of the action. pic.twitter.com/4idYgAp38n
— M?urry (@DrMichaelJBurry) December 28, 2021
Attn: Guy who stole my bike: "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," reads the IRS' provision for stolen property.
— Randy Essex (@randyessex) December 29, 2021
So two days left to return it to me.
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