IRS Calls on Thieves to Report Stolen Income

IRS Calls on Thieves to Report Stolen Income


Rep. Byron Donalds, R‑Fla., discusses President Biden’s explanation of his 2024 budget that calls for new spending and more taxes on ‘The Bottom Line.’ The IRS’s bewildering rule about self-reporting income from crimes has caused some Twitter users to mock the federal agency. According to IRS Publication 525, taxpayers are legally required to report the value of whatever property they stole during the tax year.“If you steal property, you must report its FMV (Fair Market Value) in your income in the year you steal it, unless in the same year you return it to its rightful owner,” the rule reads. The same rule applies to bribery, drug deals and other income-earning crimes. BIDEN’S IRS PLANS TO CRACK DOWN ON WAITERS’ TIPS A blank 1040 tax return form from the IRS. (iStock / iStock)The IRS purportedly uses the information solely for tax purposes and does …

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