This year, did you steal any property or sell any drugs? On the other hand, the IRS requires it to be recorded as taxable income. The Fifth Amendment right against self-incrimination does not appear to extend to filing tax returns. The agency also cautioned anyone who made money by selling drugs for cash or via a variety of other unnamed “illegal acts.”
Following a tweet reminding “professional criminals” (or even your next-door neighbor who never returned your lawnmower) to report unlawful activity and stolen items to the IRS, the IRS went viral on Monday. Can you count it as a success if you steal a bunch of TVs from Walmart and a homeless man snatches them from you? Users on Twitter have made jokes about the unique request.
The Internal Revenue Service (IRS) requests that taxpayers include the value of ill-gotten gains on their 2017 tax filings. The rules may be found on IRS.gov, along with instructions on reporting income from gig economy work and what to do with taxable alimony payments. Following a tweet alerting taxpayers to the new obligations, those clauses went viral on Monday.
Regardless of whatever side you are on, they believe the most crucial point is to do the right thing and report any thefts to the authorities.