The IRS Tell Thieves They Have to Pay Taxes on Stolen Property

Fact checked

The Internal Revenue Service IRS is reminding theives that they must report any income gained through their crimes.

No, this is not satire….

The federal agency, which is not surprisingly being widely mocked for the ridiculous rule, said it also applied to bribery, drug deals and other income-earning crimes.

Some Twitter users have asked if getaway cars and ski masks are eligible deductibles

Fox News business reports: According to IRS Publication 525, taxpayers are legally required to report the value of whatever property they stole during the tax year.

“If you steal property, you must report its FMV (Fair Market Value) in your income in the year you steal it, unless in the same year you return it to its rightful owner,” the rule reads.

The same rule applies to bribery, drug deals and other income-earning crimes.

The IRS purportedly uses the information solely for tax purposes and does not hand over any evidence to law enforcement. 

The only situation where law enforcement may have access to the information is through court orders. 

“The IRS be like: Get money wherever you can, but I need my cut!” one Twitter user said.

“This is the best thing I’ve learned in a while,” an amused commentator wrote.

“Don’t forget to fill out a 1099 after a game of Monopoly,” another said facetiously.

Unsurprisingly, many Twitter users humorously pretended to be criminals themselves.

“Does anyone know if you can deduct costs for the getaway car, masks, etc?” one user said.

“In what section do you disclose that you are cheating on your tax return? Asking for a friend,” another asked.