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Also from stolen goods, unless you return them in the same year: "If you steal property, you must report its fair market value in your income in the year you s
by tmm 10y ago
Also from stolen goods, unless you return them 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 in the same year, you return it to its rightful owner."
- icebraining 10y agoI wonder if one could deduct it if they return the item in the subsequent year instead :)
- MikeHolman 10y agoYou can deduct business expenses for illegal activities, except for specific categories (for example, bribing public officials is not a valid deduction). So you might actually be able to deduct that, if you could justify returning the property as a business expense.
- swamp40 10y agoI would have bet money that was a joke. But no.
- userbinator 10y ago"We don't care where your income comes from, we just want our cut of it."