Income made through criminal activity must be reported on your taxes, according to Internal Revenue Service,
The IRS states that individuals who have profited from illegal activities, such as drug dealing or bribery, must include it. In his 2021 filing. It has to be included in Schedule 1 (Form 1040), Line 8z, or Schedule C (Form 1040) from self-employment activity.
Additionally, thieves must report the value of the property they have stolen.
Current federal tax forms are distributed on November 1, 2005 at the offices of the Internal Revenue Service in Chicago, Illinois. (Photo Illustration by Scott Olson/Getty Images)
The IRS states, “If you steal property, you must report the fair market value in your income in the year you stole it, unless you return it to its rightful owner that same year.” don’t do it.”
The office did not provide details on how it would implement the policy, but at least one law enforcement agency is ready to help the Fed with the cause.
Erie County Sheriff’s Office He posted a cheeky PSA on Facebook to help “all car thieves” report stolen property on their taxes.
“If you need a specific list of assets, give us a call at 716.858.2903 and a deputy or detective will be happy to refer you to the list,” Deputies said. “It will be our pleasure.”
This story was reported from Atlanta.