Not, The Onion! IRS Wants Its Cut From Looters & Other Thieves
The Internal Revenue Service realizes the rampant crime wave in Democrat-run cities is an opportunity for the tax man. And Fifth Amendment protection from self-incrimination apparently doesn’t apply to filing income tax returns, the IRS seems to believe.
Patrick Reilly of the New York Post reports:
Steal any property or deal any drugs this year? Well, the IRS wants it reported as taxable income. (snip)
“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 IRS told sticky-fingered Americans.
The agency also reminded those who’ve pocketed any by cash selling narcotics — or through any number of unspecified “illegal activities” — to report their earnings.
“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,” the bureau said.
Here is the summary notice, highlighted:
The IRS did not say whether career thieves could deduct work expenses such as ski masks, crowbars and getaway vans on their tax forms.
Fri, 12/31/2021 – 09:51