Thread: If You Steal, The IRS Wants A Cut

Just found this on another webite, and found it funny. Just wanted to add it here.
taken from:Shawn Hogan Fan Club

This is hilarious... who in the hell comes up with this crap? Do they really think some thief is going to report it as "Other Income"? And even if they did (which would be funny), wouldn't the government sort of be an accomplice since they are benefiting from criminal acts? It almost makes me want to go out and steal a pack of gum just so one can put something in the stolen property section of the tax return. haha

This is clip from page 88 of the IRS handbook for individuals (PDF version here).




So what do you learn from this? If you steal a car, return it before December 31 so you don't owe taxes on it!

Alternately, treat it as "borrowed property without the owner's permission", but that's a little more grey area and might not fall under the IRS' safe harbor guidelines.