5 ms·

I mean how am I supposed to know its fair market price? I got it for $0 mr. Taxman!

mbg721 5y ago
File a Schedule SP, for "Stolen Property". First enter $1200; then enter the retail sticker price of whatever you stole. Consult the table on page 87. Enter any credits for property stolen during 2021 under the Liberation Stimulus Act, or $50, whichever is greater. If line 8 is greater than line 2, enter 0; otherwise, enter line 2 minus line 8. In the "Other Income" line on your form 1040, mark "STO" for "stolen property".
h2odragon 5y ago
"Fence prices" or 10% of market value, as far as I know. Value it as if you'd paid a thief for it. When its bigger or corporations are involved you get to say things like "non-monetary compensation" and so on. Don't forget you can deduct the expenses incurred too, tho: if it cost $20 to buy the masks and water pistols and all you got was a couple of candy bars, that's probably a loss you could carry forward to next year.
rolph 5y ago
im thinking if you dont own it then how does it equate to being yours, thus income? perhaps we should also be taxed on what we borrow
- bowmessage 5y ago
  don't give them any ideas!
- jimnotgym 5y ago
  Take a look at how IFRS defines income. Nothing about ownership "Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants." https://www.iasplus.com/en/standards/ifrs/ifrs15 https://www.iasplus.com/en/standards/ifrs/ifrs15
  - rolph 5y ago
    interesting, the morning coffee/covfefe and doughnut pool can addup to quite a lot of monetary equivalent in a years time , especially if its a starbucks crowd
  - blacksmith_tb 5y ago
    I guess I would have expected it to work more like capital gains, until you sell your stolen assets, their value seems unrealized (also hard for the IRS to track, unlike you depositing a wad of crumpled $20 bills into a bank account).
bww 5y ago
The same way you don't get to make up any value you feel like when you account for donated property. https://www.irs.gov/publications/p561 https://www.irs.gov/publications/p561
raverbashing 5y ago
For real? Check ebay. Yes, I'm serious. And this applies to general stuff. For example, if you need to claim insurance on something that was stolen or damaged, insurance will usually pay on the FMV of the item (given its year, condition, etc)

File a Schedule SP, for "Stolen Property". First enter $1200; then enter the retail sticker price of whatever you stole. Consult the table on page 87. Enter any credits for property stolen during 2021 under the Liberation Stimulus Act, or $50, whichever is greater. If line 8 is greater than line 2, enter 0; otherwise, enter line 2 minus line 8. In the "Other Income" line on your form 1040, mark "STO" for "stolen property".

h2odragon 5y ago

"Fence prices" or 10% of market value, as far as I know. Value it as if you'd paid a thief for it. When its bigger or corporations are involved you get to say things like "non-monetary compensation" and so on. Don't forget you can deduct the expenses incurred too, tho: if it cost $20 to buy the masks and water pistols and all you got was a couple of candy bars, that's probably a loss you could carry forward to next year.

rolph 5y ago

im thinking if you dont own it then how does it equate to being yours, thus income? perhaps we should also be taxed on what we borrow

bowmessage 5y ago
don't give them any ideas!
jimnotgym 5y ago
Take a look at how IFRS defines income. Nothing about ownership "Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants." https://www.iasplus.com/en/standards/ifrs/ifrs15 https://www.iasplus.com/en/standards/ifrs/ifrs15
- rolph 5y ago
  interesting, the morning coffee/covfefe and doughnut pool can addup to quite a lot of monetary equivalent in a years time , especially if its a starbucks crowd
- blacksmith_tb 5y ago
  I guess I would have expected it to work more like capital gains, until you sell your stolen assets, their value seems unrealized (also hard for the IRS to track, unlike you depositing a wad of crumpled $20 bills into a bank account).

bww 5y ago

The same way you don't get to make up any value you feel like when you account for donated property. https://www.irs.gov/publications/p561 https://www.irs.gov/publications/p561

raverbashing 5y ago

For real? Check ebay. Yes, I'm serious. And this applies to general stuff. For example, if you need to claim insurance on something that was stolen or damaged, insurance will usually pay on the FMV of the item (given its year, condition, etc)