IRS Reminds Thieves, Drug Dealers to Report Their Illegal Income
Steal any property or deal any drugs this year? Well, the IRS wants it reported as taxable income.
The Internal Revenue Service is reminding Americans that they must report all of their hard-earned income to be taxed, even if it is the result of criminal activity, according to the bureau’s updated Publication 17 for the 2021 tax season, which offers general guidelines for filing 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,” the IRS told sticky-fingered Americans.
Read More at the New York Post