Wednesday, December 29, 2021

IRS Requires Americans to Report Stolen Properties and Bribes as Income on Tax Returns

All the looters from 2020 and 2021 will surely be coming clean on their tax returns. From the story: Did you steal a car in 2021? How about taking a bribe? If you did, the IRS says to make sure you report it on your taxes. What if you’re dealing drugs or caught up in other crimes? In that case, the IRS publication says jot your earnings on line 8z, Schedule 1 of your 1040 form, “or on schedule C … if from your self-employment activity.”  (USA Today). 

From the IRS: If you receive a bribe, include it in your income (IRS).

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