Fox News Flash top headlines for December 29
Fox News Flash top headlines are here. Check out what’s clicking on Foxnews.com.
Whether you stole a car this year, accepted a bribe, or were involved in any other illegal activities which provided you with income, the Internal Revenue Service says you must report it when you file your taxes.
In an online list of requirements titled IRS Publication 17, the IRS says, “income from illegal activities, such as money from dealing illegal drugs” must be included on a taxpayer’s 2021 filings. It is to be included in Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from a self-employment activity.
The exterior of the Internal Revenue Service building in Washington.
The IRS also noted that thieves must report the value of the goods they stole, unless the goods are returned to the “owner in the same year.”
“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,” the IRS stated.
Internal Revenue Service federal building Washington DC
The requirements also made clear that if you receive a bribe, you must “include it in your income” and said that taxpayers must also “include kickbacks, side commissions, push money, or similar payments” on Schedule 1 or Schedule C.
In a post shared to Facebook on Tuesday, the Erie County Sheriff’s Office in Buffalo, New York, offered support for “all car thieves” who need an itemized list of the property they stole, so it can be reported on their income taxes.
A woman fills out an Individual Income Tax Return form
“Attention all car thieves. The stuff you stole from people’s vehicles in 2021 must be claimed on your income taxes,” the sheriff’s office wrote. “If you need an itemized list of property call us at 716.858.2903 & a Deputy or Detective will be happy to meet you with the list. It would be our pleasure.”
Fox News reached out to the IRS, but did not receive an immediate response.
Source: Read Full Article