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| New IRS Rule: Theft Is Now Tax-Evasion, Unless You Declare It |
| 2007-01-07 |
| (note: link is to large pdf file) See Page 90 of publication 17. Under the heading of 'other income'. Under 'stolen property' it says: 'If you steal property, you must report its fair market value in your income in the year you steal it unless in that year you return it to its rightful owner!' |
| Posted by:Anonymoose |
| #9 Sniff, sniff, and to think its only been precedent since the last century, i.e. the Capone trials. Going on 100 yarns later, now they tell us. |
| Posted by: JosephMendiola 2007-01-07 23:13 |
| #8 Unless it's stolen by the government. Even then, if it's stolen by a State or local government, you can declare it on your Federal taxes. |
| Posted by: Jackal 2007-01-07 14:46 |
| #7 Does this mean that we can claim property stolen from us as a loss? |
| Posted by: CrazyFool 2007-01-07 12:21 |
| #6 iirc, the IRS filings can not be used in a court of law towards any criminal conviction because of the 'self incrimination' clause specifically for identifying the 'gain' as less than lawful. As mojo mentioned, its the Capone clause. They get you for tax evasion rather than the actual criminal process. |
| Posted by: Procopius2k 2007-01-07 12:14 |
| #5 Sounds unconstitutional to me; something about the 5th Amendment and all......But then there are some pretty stupid crooks out there. |
| Posted by: USN, ret. 2007-01-07 12:07 |
| #4 It does sort of seem to be earned income. |
| Posted by: bigjim-ky 2007-01-07 10:35 |
| #3 This isn't new. I remember hearing about it in my basic income tax class, fall 1988--and it wasn't all that big a deal even then. |
| Posted by: Mike 2007-01-07 08:51 |
| #2 Submit official petition to Congress to investigate the IRS under RICO statute? http://en.wikipedia.org/wiki/Racketeer_Influenced_and_Corrupt_Organizations_Act |
| Posted by: newc 2007-01-07 02:32 |
| #1 The "Al Capone" clause. |
| Posted by: mojo 2007-01-07 00:13 |