Report Stolen Property?
The IRS requires you to declare "Stolen Property" on your tax return
"See Page 90 of publication 17. Under the heading of 'other income'. Under 'stolen property' it says: 'If you steal property, you must report its fair market value in your income in the year you steal it unless in that year you return it to its rightful owner!'"
- At first glance, this seems like a waste of space on a tax form. Who would steal something and then report it's value to the government?! Doesn't that defeat the purpose of stealing something, if you're going to pay taxes on it?
The real reason they have this entry on the tax form is this. If someone gets caught with stolen property, they will be charged not only with the theft, but for not reporting it on their taxes. Among many other violations that they will throw at you to increase you fines.
More evidence of how the criminal justice system is used as a cash crop.
"See Page 90 of publication 17. Under the heading of 'other income'. Under 'stolen property' it says: 'If you steal property, you must report its fair market value in your income in the year you steal it unless in that year you return it to its rightful owner!'"
- At first glance, this seems like a waste of space on a tax form. Who would steal something and then report it's value to the government?! Doesn't that defeat the purpose of stealing something, if you're going to pay taxes on it?
The real reason they have this entry on the tax form is this. If someone gets caught with stolen property, they will be charged not only with the theft, but for not reporting it on their taxes. Among many other violations that they will throw at you to increase you fines.
More evidence of how the criminal justice system is used as a cash crop.