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IRS Says Income from Stolen Goods and Illegal Activities Must Be Reported on Taxes

The IRS says bribes and kickbacks must also be reported
IRS says income from stolen goods and illegal activities must be reported on taxes
The exterior of the Internal Revenue Service building in Washington. (AP)

Fox News

Whether you stole a car this year, accepted a bribe, or were involved in any other illegal activities which provided you with income, the Internal Revenue Service says you must report it when you file your taxes.

In an online list of requirements titled IRS Publication 17, the IRS says, “income from illegal activities, such as money from dealing illegal drugs” must be included on a taxpayer’s 2021 filings. It is to be included in Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from a self-employment activity.

The IRS also noted that thieves must report the value of the goods they stole, unless the goods are returned to the “owner in the same year.”

“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 stated.

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