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Forum » IRS's calls for thieves to report stolen income
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Thread: IRS's calls for thieves to report stolen income

post 1678673783 03-09-2023, 09:42 PM
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IRS's calls for thieves to report stolen income

https://www.foxbusiness.com/financia...come-good-know

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.
post 1678674093 03-09-2023, 09:48 PM
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OK then the IRS needs to report 100% of their income as its all stolen
post 1678676073 03-09-2023, 10:50 PM
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this cant be real
post 1678680433 03-10-2023, 03:02 AM
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Originally Posted By Zelensky⏩
OK then the IRS needs to report 100% of their income as its all stolen
This.
post 1678681303 03-10-2023, 03:39 AM
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Just like when the government reports all the money it's lost or blown
post 1678684253 03-10-2023, 05:20 AM
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What happens when a thief reports their stolen income?

IRS: "Thank you, be sure to steal again!"

No cuffs, no inquiries, and not even a long scientific evaluation on what would be an example of one of the dumbest humans on the planet to understand how they made it that far in life while somehow avoiding natural selection's even lowest efforts.
Originally Posted By LargePeter⏩
Proceeds of theft need to be reported for taxation purposes despite taxation being theft lmao
This.

The illusion of representation every two years doesn't disqualify the country's original rallying call of, "no taxation without representation." The Found Fathers would be bowing their heads in shame.
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post 1678685293 03-10-2023, 05:45 AM
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Zelensky gonna file taxes this year? Because he's just stolen a couple hundred billion dollars.
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post 1678686323 03-10-2023, 06:17 AM
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IRS is only expanding and getting more power to collect

they dont care how you get money as long as they get their cut
Subscribe for extra premium content (no noodz sorry guys)
post 1678692723 03-10-2023, 08:39 AM
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good thing they are going after billionaires

Subscribe for extra premium content (no noodz sorry guys)
post 1678693713 03-10-2023, 09:03 AM
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Imma only report half my dope sales income.

Whatcha gon do?
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post 1678694583 03-10-2023, 09:21 AM
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Originally Posted By Bushmaster⏩
Zelensky gonna file taxes this year? Because he's just stolen a couple hundred billion dollars.
post 1678694933 03-10-2023, 09:28 AM
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Originally Posted By Leonydus⏩
this cant be real
It's absolutely real. Remember Al Capone got brought down because of tax evasion.
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post 1678695383 03-10-2023, 09:36 AM
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Originally Posted By JoshSP1985⏩
It's absolutely real. Remember Al Capone got brought down because of tax evasion.
it's not new either
post 1678698873 03-10-2023, 10:24 AM
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Wouldn't you only report the income after you fence the stolen goods and realize the gain?

If I steal a TV set, the FMV of that TV is zero, which is what it cost me to obtain it. If I sell the TV for $300, then I have $300 profit on which I can be taxed.
post 1678705063 03-10-2023, 12:03 PM
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Originally Posted By SmithMachineGuy⏩
Wouldn't you only report the income after you fence the stolen goods and realize the gain?

If I steal a TV set, the FMV of that TV is zero, which is what it cost me to obtain it. If I sell the TV for $300, then I have $300 profit on which I can be taxed.
No,

If someone gives you a house you pay cap gains. You don't have to convert an asset into cash for it to have a value.
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post 1678708143 03-10-2023, 12:52 PM
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lmao brahs its real because then the feds can lock you up for failure to report stolen goods as income even if they cant pin the theft on you
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post 1678708903 03-10-2023, 01:04 PM
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Originally Posted By Procta⏩
IRS is only expanding and getting more power to collect

they dont care how you get money as long as they get their cut
Except that if someone commits a crime, they can report the proceeds of that crime to avoid a plenitude of other charges. Or is crime X + (other charges) worth it? I wouldn't think so.

Or is the mantra on this forum "all taxation is theft"?
post 1678709053 03-10-2023, 01:06 PM
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Originally Posted By LogicalLifts⏩
Except that if someone commits a crime, they can report the proceeds of that crime to avoid a plenitude of other charges. Or is crime X + (other charges) worth it? I wouldn't think so.

Or is the mantra on this forum "all taxation is theft"?
all taxation is theft
post 1678709163 03-10-2023, 01:10 PM
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Originally Posted By Cleveland33⏩
all taxation is theft
The Tax Man always gets his cut.

Let it sink in.

All USA enforcement authorities do, from CBP, ICE, FBI, etc.

Let that sink in as well.

Or is the mantra on this forum "there is no authority over me" - hence the hate for all LEOs?
post 1678710203 03-10-2023, 01:23 PM
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Originally Posted By LogicalLifts⏩
The Tax Man always gets his cut.

Let it sink in.

All USA enforcement authorities do, from CBP, ICE, FBI, etc.

Let that sink in as well.

Or is the mantra on this forum "there is no authority over me" - hence the hate for all LEOs?
that doesn't change the fact that taxation is theft
post 1678710703 03-10-2023, 01:33 PM
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Originally Posted By Cleveland33⏩
that doesn't change the fact that taxation is theft
Stating something twice doesn't make it a fact.
post 1678711263 03-10-2023, 01:42 PM
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Originally Posted By NKWulf⏩
https://www.foxbusiness.com/financia...come-good-know

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.
Zelenski.laughing. gif
post 1678711813 03-10-2023, 01:51 PM
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So, if a playah takes 20% of my dope stash and doesn't pay me, besides my boys paying him a visit, can I write off that 20% loss?
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post 1678712263 03-10-2023, 02:00 PM
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Originally Posted By Mark1T⏩
So, if a playah takes 20% of my dope stash and doesn't pay me, besides my boys paying him a visit, can I write off that 20% loss?
I think only if you are a dealer.
post 1678714513 03-10-2023, 02:38 PM
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Originally Posted By Mark1T⏩
So, if a playah takes 20% of my dope stash and doesn't pay me, besides my boys paying him a visit, can I write off that 20% loss?
Damn now we're thinking.

Is there a specific form to use to claim/report taxes related to stolen goods?
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