BIRMINGHAM, Ala. (WIAT) — Images circulating on social media purport to show an IRS guideline asking taxpayers to report the value of any property they have stolen each year as income.
The guideline is real.
The Internal Revenue Service’s Publication 17, available on the agency’s website, contains a section on stolen property that may leave readers scratching their heads.
“If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year,” the guideline states. MORE
Considering that stupid cities have made shoplifting so easy it looks like a good idea to nail these bastards with tax evasion crimes.
Isn’t that how they nailed one of the 1930’s gangsters?
That’s how they got Al Capone, for not paying taxes on income from illegal activities.
When I was much younger one guy that kind of hung around usually had a pound of pot and a pocket full of combs.
He would sell you a comb for $40 and it came with an ounce of pot.
He would report income for selling combs and pay taxes.
He said if he got busted for selling pot he didn’t want the IRS to hammer on him too.
This is the work output of…
…. Democrats !
…so, is there a guideline for assessing the cash value of a stolen presidency?
Setting aside the terrible HUMAN toll, it MUST be in the BILLIONS, so it better be on Pedo’s 1040 next year or he needs to go down like Capone…
If I stole it last year and I returned it this year, can I deduct the value from this year’s income?
Mr. Anth Ropy
DECEMBER 30, 2021 AT 2:08 PM
“He would sell you a comb for $40 and it came with an ounce of pot.”
$40 for an ounce?
You must be significantly younger than I…
Dims always want their cut.
As if people who are willing to steal are going to pay taxes.
Now We understand why they are allowing theft of under $1000 with no serious penalties.
They want their 30% cut on fair market value.
Un B Leave Aye Bull!
Kcir – Fuck Off & Unload those Container Ships
DECEMBER 30, 2021 AT 2:45 PM
“Now We understand why they are allowing theft of under $1000 with no serious penalties.
They want their 30% cut on fair market value.”
…and Pedo’s 10% don’t forget…
Does this include ´car jacking´
Feliz Kwanza
Wait, Looters pay taxes?!
This is a step towards taxing wealth? I’d have to sell my stolen property before I have any income.
“I respect ordinary thieves much more than I respect politicians. Ordinary thieves take my money without pretense. Unlike typical politicians, these thieves don’t bore me with silly explanations of why their thievery is for the greater good. Nor do ordinary thieves insult my intelligence by proclaiming that they’ll use the money that they steal from me to make my life better than I would have made my life had my money not been swiped from me.”
― Walter Williams
What would the founders think about the U.S. Supreme Court’s 2005 Kelo v. City of New London decision where the court sanctioned the taking of private property of one American to hand over to another American? Adams explained: “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence. If ‘Thou shalt not covet’ and ‘Thou shalt not steal’ were not commandments of Heaven, they must be made inviolable precepts in every society before it can be civilized or made free.” – Walter E Williams
https://www.deseret.com/2010/7/7/20126170/walter-e-williams-founding-fathers-would-have-contempt-for-vision-of-today-s-americans
This reg is RACIST!
Does this apply to confiscation of property from suspected criminals? Like, should the local police department pay federal taxes on the property they impound before the accused (and often never charged) are found guilty?
Dipshits
What if I just happened to “find” an 83” Plasma screen TV, and 20 pairs of Nikes?