IRS's calls for thieves to report stolen income

[NKWulf]

https://www.foxbusiness.com/financia...come-good-know

According to IRS Publication 525, taxpayers are legally required to report the value of whatever property they stole during the tax year.

"If you steal property, you must report its FMV (Fair Market Value) in your income in the year you steal it, unless in the same year you return it to its rightful owner," the rule reads.

The same rule applies to bribery, drug deals and other income-earning crimes.

[Zelensky]

OK then the IRS needs to report 100% of their income as its all stolen

[Leonydus]

this cant be real

[Jasonw1178]

OK then the IRS needs to report 100% of their income as its all stolen

This.

[Evolutionary1]

Just like when the government reports all the money it's lost or blown

[nkiritsis13]

What happens when a thief reports their stolen income?

IRS: "Thank you, be sure to steal again!"

No cuffs, no inquiries, and not even a long scientific evaluation on what would be an example of one of the dumbest humans on the planet to understand how they made it that far in life while somehow avoiding natural selection's even lowest efforts.

Proceeds of theft need to be reported for taxation purposes despite taxation being theft lmao

This.

The illusion of representation every two years doesn't disqualify the country's original rallying call of, "no taxation without representation." The Found Fathers would be bowing their heads in shame.

[Bushmaster]

Zelensky gonna file taxes this year? Because he's just stolen a couple hundred billion dollars.

[Procta]

IRS is only expanding and getting more power to collect

they dont care how you get money as long as they get their cut

[Procta]

good thing they are going after billionaires

https://twitter.com/RepAdrianSmith/s...11011283636227

[Mark1T]

Imma only report half my dope sales income.

Whatcha gon do?

[Zelensky]

Zelensky gonna file taxes this year? Because he's just stolen a couple hundred billion dollars.

[JoshSP1985]

this cant be real

It's absolutely real. Remember Al Capone got brought down because of tax evasion.

[Cleveland33]

It's absolutely real. Remember Al Capone got brought down because of tax evasion.

it's not new either

[SmithMachineGuy]

Wouldn't you only report the income after you fence the stolen goods and realize the gain?

If I steal a TV set, the FMV of that TV is zero, which is what it cost me to obtain it. If I sell the TV for $300, then I have $300 profit on which I can be taxed.

[JoshSP1985]

Wouldn't you only report the income after you fence the stolen goods and realize the gain?

If I steal a TV set, the FMV of that TV is zero, which is what it cost me to obtain it. If I sell the TV for $300, then I have $300 profit on which I can be taxed.

No,

If someone gives you a house you pay cap gains. You don't have to convert an asset into cash for it to have a value.

[HockeyBacon18]

lmao brahs its real because then the feds can lock you up for failure to report stolen goods as income even if they cant pin the theft on you

[LogicalLifts]

IRS is only expanding and getting more power to collect

they dont care how you get money as long as they get their cut

Except that if someone commits a crime, they can report the proceeds of that crime to avoid a plenitude of other charges. Or is crime X + (other charges) worth it? I wouldn't think so.

Or is the mantra on this forum "all taxation is theft"?

[Cleveland33]

Except that if someone commits a crime, they can report the proceeds of that crime to avoid a plenitude of other charges. Or is crime X + (other charges) worth it? I wouldn't think so.

Or is the mantra on this forum "all taxation is theft"?

all taxation is theft

[LogicalLifts]

all taxation is theft

The Tax Man always gets his cut.

Let it sink in.

All USA enforcement authorities do, from CBP, ICE, FBI, etc.

Let that sink in as well.

Or is the mantra on this forum "there is no authority over me" - hence the hate for all LEOs?

[Cleveland33]

The Tax Man always gets his cut.

Let it sink in.

All USA enforcement authorities do, from CBP, ICE, FBI, etc.

Let that sink in as well.

Or is the mantra on this forum "there is no authority over me" - hence the hate for all LEOs?

that doesn't change the fact that taxation is theft

[LogicalLifts]

that doesn't change the fact that taxation is theft

Stating something twice doesn't make it a fact.

[RIKTER]

https://www.foxbusiness.com/financia...come-good-know

According to IRS Publication 525, taxpayers are legally required to report the value of whatever property they stole during the tax year.

"If you steal property, you must report its FMV (Fair Market Value) in your income in the year you steal it, unless in the same year you return it to its rightful owner," the rule reads.

The same rule applies to bribery, drug deals and other income-earning crimes.

Zelenski.laughing. gif

[Mark1T]

So, if a playah takes 20% of my dope stash and doesn't pay me, besides my boys paying him a visit, can I write off that 20% loss?

[Cleveland33]

So, if a playah takes 20% of my dope stash and doesn't pay me, besides my boys paying him a visit, can I write off that 20% loss?

I think only if you are a dealer.

[JoshSP1985]

So, if a playah takes 20% of my dope stash and doesn't pay me, besides my boys paying him a visit, can I write off that 20% loss?

Damn now we're thinking.

Is there a specific form to use to claim/report taxes related to stolen goods?