IRS: If You Deal Drugs Or Have Stolen a Car, Put it on Your Taxes
This year's tax deadline is April 18, and you might find yourself scrambling over the next few weeks to gather as much information from your W2s.
There are always a lot of questions when it comes to this sort of stuff. Some might wonder if they live in the state of New York but work in a neighboring state, are they taxed twice? Perhaps you serve in the military, are there different rules?
See Also: Does New York Have the Highest Property Taxes in the Country?
But just how much information does the government want to know about your earnings? In this case, everything.
Do New Yorkers Have to Document Illegal Activities on Their Taxes?
USA Today says that the Internal Revenue Service even wants to know if you've stolen property. Yes, as ridiculous as this may sound, if you stole a vehicle or robbed a store, you have to report it. it even states right there, "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,"
You're probably wondering just who would actually admit to doing this to a government agency/ Wouldn't this just land you in trouble/ One IRS spokesperson said that while he wasn't aware of the agency "ever publishing statistics on how many taxpayers actually report illicit income", he claims the IRS would not turn the info over to law enforcement.
We're pretty sure no one is willing to take this risk.