#1,593 - Twitter has field day over IRS’s call to report income from crimes
As harried Americans rush to file their taxes before the April 18 deadline, one of the IRS’s most puzzling rules — to self-report income from crimes — has turned into comedy gold.
Outlined in the IRS Publication 525, the agency tells sticky-fingered taxpayers: “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.”
As for illegal drug sales or bribery, Uncle Same needs you to include those profits in your 1040 form as well.
The reminder has triggered massive mocking on social media, with one Twitter user cheekily asking: ‘So my black ski mask and duffle bag is used as a deductible from robbing the local liquor store?’
An IRS spokesman said he wasn’t aware of any instance where the agency publicly published how many taxpayers reported income from crimes.
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