IRS: Money Made From Selling Drugs, Stolen Property Must Be Reported as Income
As 2021 draws to a close, there are a couple of small details you should be aware of before preparing your taxes.
There's an image that has been circulating on social media claiming that money obtained in an illegal fashion (i.e. selling drugs) and stolen property must be reported as income on your taxes.
Since it's the internet, we naturally take everything with a grain of salt, but as sus as this may seem, it's actually true.
You can see the actual guideline here on the official IRS website, but what may be just as shocking as the fact that you must let the IRS know about the property you've stolen is the fact that you don't have to report it if you return it before the end of the year.
Naturally, the internet had jokes.
A lot of people took the opportunity to rip on the leadership in our country, pointing out that it would only make criminals more... dishonest (???)
Others felt like the IRS was "normalizing" illegal activity.
In the end, this tweet may actually help to bring the most reasonable explanation to the table.
With that said, if you have any stolen property, the clock is ticking as we count down the final days of 2021 and look forward to the new year.