(FOX 46 CHARLOTTE) — If you’re planning to rob a bank or steal something from a store, you better be ready to mark it down on your tax return come tax season. You know, unless you do the responsible thing and return it.
Yep, the federal government wants a piece of the action. According to the IRS 2021 Federal Income Tax Guide, stolen property and illegal activities fall under “income.”
According to the guide, “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.”
https://www.fox46.com/news/national-news/you-must-list-illegal-activity-and-stolen-property-on-your-taxes-irs-says/
I wonder how they check for compliance?
Maybe they just rely on the "honor system".
