April 15 is approaching, faithful readers, and of course, I know the question on all of your minds is, "what about all that stuff I stole last year? How do I account for it on my taxes?"
Not to fear; helpful tax tips are here, and straight from the IRS, too. Page 90 of Publication 17, "Your Federal Income Tax," provides the simple answer:
"Stolen property. 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."
Sorry, it's too late to return that property you stole last year. You'll just have to report it now. You got its fair market value appraised, didn't you?
And here's your Bonus Tax Tip! What about those bribes? Page 87: "If you receive a bribe, include it in your income."
As another author might say, I am not making this up.
1 comment:
You might be interested to know that Milton Street, brother of the former mayor of Philadelphia, recently adopted the cause of tax protestors in his ongoing criminal trial in the Eastern District of PA. ("Show me where it says I have to pay taxes...") Worth a Google News search!
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