Attn. Criminals & Looters: IRS Asks Americans to Report any Stolen Property and all Drug Money as Taxable Income
Did you make out like a bandit during the George Floyd riots? Are you one of the thugs who is currently looting stores across the nation? Or maybe you’re just a good ol’ fashioned meth dealer? If you profited off of these – or any other – illicit activities at any point in 2021, the IRS says to make sure you report it on your taxes.
According to the 2021 IRS guidelines from their Publication 17, “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.”
Yes, really.
The provision also applies to any money that is obtained illegally,
