Santa Monica Observer - Community, Diversity, Sustainability and other Overused Words

By Samuel Alioto
Observer Staff Writer 

IRS Issues Rule That Income From Stealing Is Taxable, And Must Be Declared.

IRS regulations are often dry, like the one that says "Bulls are not cows, for purposes of Federal taxes." But someone at IRS has a sense of humor

 

January 3, 2022

The IRS has determined that if US residents steal property, they must report it as income for purposes of Federal taxes. Or return it.

Those provisions went viral Monday following a tweet informing taxpayers in a deadpane, IRS regulations, that the income is taxable.

"Tax Season is around the corner," read the tweet from @litcapital. "Remember to report your income from illegal activities and stolen property to the IRS."

The requirements can be found at IRS.gov amid other missives to report income earned from jobs in the gig economy and what to do about taxable alimony payments.

"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,"' read the provision for stolen property.

IRS regulations are often dry, such as the one that says "Bulls are not cows, for purposes of Federal taxes." But someone writing regs for the IRS has a sense of humor.

 

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