'This Can't Be Real': Twitter Users Can't Believe What the IRS Wants Reported: “If you steal property, you must report its fair market value in your income tax returns"

Townhall ^ | 03/10/2023 | Leah Barkoukis

[SeekAndFind]

With tax season upon us, Twitter users had a field day joking about parts of the IRS Publication 525 that look as though they belong on the pages of the Babylon Bee. 

“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,” a portion of the 2022 tax guide states.

What about if you’re involved in other crimes, like drug dealing? The IRS wants its fair share of that income, too.

“Income from illegal activities, such a money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity," the rule states. 

The IRS be like I don’t care what law you break as long as I get my fair share. https://t.co/KwQPRrNCcd— ℝ𝕠𝕪𝕒𝕝 𝕁𝕖𝕝𝕝𝕪 🐝 🌬🌊⛵️🏔⛷🎿🏂☃️ (@pard0nmyfr3nch) March 7, 2023

it's pretty hysterical that this ISN'T satire— Åntön (@antonthehominid) March 7, 2023

This can’t be real can it 🤔— Learn Life Money (@learnlifemoney) March 6, 2023

What if the government steals from us, can we depreciate the loss?— Mic Martin (@Truth_of_Mic) March 6, 2023

So my black ski mask and duffle bag is used as a deductible from robbing the local liquor store 😂— Chill trades (@Spideywebs55) March 7, 2023

Does anyone know if you can deduct costs for the getaway car, masks, etc?— Corb (@corb555) March 7, 2023

Others saw a more practical reason for the inclusion. 

Kind of smart. Gives the prosecutors additional charges just in case the primary charges can’t stick.— Mike P (@PasterickMike) March 6, 2023

[fwdude]

I was shocked to learn in tax class that bribes are tax deductible.

[allendale]

Its a warning to Biden, Pelosi, McConnell, Romney and Kerry that if they don’t report their corruption revenue they face additional Al Capone type charges.

[Rurudyne]

So are costs of doing any illegal business.

[Tolerance Sucks Rocks]

So, if you kidnap a child, can you still use Form 2441 to report the child care expenses and claim a credit? Also, would you still be able to claim the child tax credits and the earned income credit for families with one child?

[KarlInOhio]

Tax evasion is how they convicted Al Capone.

[Rurudyne]

Yeah, like the seriousness of the charges ever goes in their direction.

[Right Brother]

Sounds racist.

[stevio]

A neighbor embezzled ~$375,000 from her employer. She went to jail for not paying taxes on the money.

[KarlInOhio]

More likely a warning to the Buffalo Shaman that if he complains about not seeing exculpatory evidence they’ll give him a life sentence for the time he grabbed an extra straw at McDonald’s.

[canuck_conservative]

Does anyone know if you can deduct costs for the getaway car, masks, etc?— Corb (@corb555)

[rx]

Gotta give those 87,000 new agents something to chew on!

Maybe they’ll be assigned to review the recordings and tallying up all the unbeeped (shoplifted) items at Walmart, Costco, Walgreens, etc. self-checkout tallies for the under-25 set.

Big corporations that helped the government in COVID, etc. want their payback, after all!!

[Tolerance Sucks Rocks]

Maybe if you had the kidnapped child for more than half the year, you can shoot for head of household filing status, too!

[Pollard]

Steal something on Jan 5th and return it Dec 29th and you're good

[ansel12]

Fifty years ago on rare occasions, a discussion would arise about if you paid federal tax on your pot deals it made it partially legal or something.

That is all I know, the discussions didn’t interest me and I didn’t pay attention to them, they struck me as time-wasting tall grass stuff.

[gitmo]

I’ll take “BABYLON BEE” for $100.

[Rockingham]

If enforced, this will be the end of the Democratic party, whose leaders are drawn to illegal gains like flies to fresh sh*t.

[Sirius Lee]

I view the income tax as theft.

[discostu]

Nothing new there. It’s what the “other income” box is for. They got Capone on tax evasion. IRS doesn’t care how you make money, just pay up.

[FlingWingFlyer]

I imagine the IRS is limited in what they can do to “punish” smash and grabbers who don’t report their stolen loot earnings on their taxes.