IRS says income from illegal activities, stolen property must be reported on taxes

"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."

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Hannah Nightingale Washington DC
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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.

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