Stolen property, income from illegal activities must be reported on taxes, IRS says
Income made through criminal activity must be reported on your taxes, according to the
Internal Revenue Service.
The IRS said individuals who earned a profit from illegal activities, such as drug dealing or bribes, must include it
in their 2021 filings. It is to be included in Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from a self-employment activity.
Additionally, thieves must report the value of the property they stole.
"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 IRS said.
The office didn’t offer details on how it would enforce this policy...
https://www.fox10phoenix.com/news/s...activities-must-be-reported-on-taxes-irs-says
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