The tax code is, of course, incredibly complex, and many rely on professionals to prepare their taxes for them. Experts have a much better idea of the things you can claim to reduce your tax burden, and they can alert you to items you must declare as income if you don’t want to risk getting audited.
While you obviously wouldn’t be expected to know everything — or even most — of what the tax code says, there is something the IRS expects people to declare as income that is so absurd, you won’t believe it.
According to the IRS, “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.”
Well, I’m sure we can expect all the folks in those Bay Area group-loot sessions to be honest when they file. pic.twitter.com/skr1EtvBUW
— Justin Hart (@justin_hart) December 27, 2021
And…to all the drug dealers out there. If you earn income from your illegal activities, the IRS says this must be declared as income to the IRS.
I assure you, these are not Photoshop. You can see it for yourself by clicking here.
So to all you criminals out there who are stealing property and earning an income on selling drugs, please be honest and report your earnings to the IRS this coming tax season.
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