IRS Wants You to Report Income from Stolen Goods and Illegal Activities. What Should You Do?
Ever since President Biden came to power, IRS is getting more & more power. Earlier, Shortly, he wants to double the IRS workforce & spy on the bank accounts of Americans.
If that’s not enough, now IRS wants you to report every illegal activity of yours at the time of filing the taxes. Say, if you’ve earned some money from a bribe, kickbacks, side commissions, push money or stealing a vehicle, or any similar illegal activities, you must have it listed in your taxes.
In the latest publication 17, IRS has listed the following requirement:
“Income from illegal activities, such as money from dealing illegal drugs” must be included in a taxpayer’s 2021 filings.
The total amount can be marked under the self-employment activity of Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040).
Also, if you haven’t returned the stolen goods to their original owner, you must report the actual value of it. For instance, if you’ve stolen property, it’s mandatory to report its exact value in the same year, unless it’s returned to the rightful owner.
After this official announcement by the IRS, the Erie County Sheriff’s office in Buffalo shared a post on Facebook with the official support for “all car thieves” who need an itemized list of the property they stole to report on their 2021 income tax.
The Facebook message reads:
“Attention all car thieves. The stuff you stole from people’s vehicles in 2021 must be claimed on your income taxes,” the sheriff’s office wrote. “If you need an itemized list of property call us at 716.858.2903 & a Deputy or Detective will be happy to meet you with the list. It would be our pleasure.”
What do you think of this latest order issued by the IRS? Will you include the side income in your income tax filing for 2021? Do let us know in the comments below.