***The Iowa Standard is an independent media voice. We rely on the financial support of our readers to exist. Please consider a one-time sign of support or becoming a monthly supporter at $5, $10/month - whatever you think we're worth! If you’ve ever used the phrase “Fake News” — now YOU can actually DO something about it! You can also support us on PayPal at [email protected] or Venmo at Iowa-Standard-2018 or through the mail at:
PO Box 112
Sioux Center, IA 51250
The IRS gained attention for its Publication 17 (2021) on federal income tax rules for individuals. Here is the portion that raised eyebrows:
“Stolen property.
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.”
We will see how honest the criminals are I suppose when it comes to tax season.
Oh, and just to be clear, income from illegal activities like drug dealing is also required to be included on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040).
