irs.gov — See Page 90 of publication 17. Under the heading of 'other income'. Under 'stolen property' it says: 'If you steal property, you must report its fair market value in your income in the year you steal it unless in that year you return it to its rightful owner!'
Jan 4, 2007 View in Crawl 4
ophilyeJan 5, 2007
that really is the point.You can buy little stickers from the IRS that say "Taxes paid on $1,000 worth of property". You put them on bags of drugs.Then, if you get busted, you actually only get busted for the drugs. The tax part is always what really kills ya' anyway. I'm surprised the RIAA doesn't have the IRS with them. "These people are stealing music... AND THEY'RE NOT PAYING TAXES ON IT!"I truly enjoy the laws regarding Garage sales & the like the most.
zpweeksJan 5, 2007
Um... Thanks for the warning about it being a PDF?Not. Bastard.
hipnerdJan 5, 2007
The point is that any illegal income, regardless of its source, must be reported and taxed. It's ridiculous, but it gives the government one more tool against criminals, especially organized crime syndicates.
Closed AccountJan 5, 2007Submitter
This provision is specifically new to this tax year. Al Capone was done when he tried to legalise his business.
eekjediJan 5, 2007
Page 89 guys. Your required to report income from selling illegal drugs and receiving kickbacks as well.
ryosenJan 6, 2007
so, does that mean that if someone steals my stereo, I can declare it as a loss?
curthowlandJan 8, 2007
@g026r,The names of several, and interviews with jurors, are in the film.