Saturday, Jan. 1, 2022
Does the IRS say people who steal property must report that in their tax returns?
According to Internal Revenue Service Publication 17, you should report stolen property as income.
An IRS spokesperson says the stolen property summary exists because there has not been a tax law passed by Congress to make such income tax-exempt. Therefore, stolen property is considered taxable income.
This fact brief is responsive to conversations such as this one.
Sources
- Internal Revenue Service Publication 17 (2021), Your Federal Income Tax - Other Income
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