HomeLatest NewsTwitter Users Erupt At IRS's Calls For Thieves To Report Stolen Income

Twitter Users Erupt At IRS’s Calls For Thieves To Report Stolen Income

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Some Twitter users mock the IRS for its bizarre rule regarding self-reporting income from criminal offenses.

IRS Publication 525 states that taxpayers must report the value of any property they have stolen during the tax year.

The rule states that if you are a thief, you must declare its FMV (Fair market Value) in your income for the year you take it.

The same applies to bribery and drug deals, as well as other income-earning crime.

The IRS claims that the information is used only for tax purposes, and doesn’t give any evidence to law enforcement.

Only court orders can give law enforcement access to information.

“The IRS be like this: Get money where you can, but I need your cut!” One Twitter user stated this.

An amused commentator said, “This is probably the most important thing I have learned in a while.”

Another joked, “Don’t forget the 1099 form after playing Monopoly.”

Many Twitter users joked about being criminals, which is not surprising.

“Does anyone know how to deduct the costs of the getaway car, masks, and other items?” One user stated.

“In which section should you reveal that you have cheated on your tax return?” Asking for a friend,” another person asked.

Criminals who fail to report income from stolen goods could be punished. In the 2021 fiscal year, 370 tax fraud offenders were sentenced.

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