Drug Trafficking, Bribery and Theft: IRS Requires Illegal Income Declaration

Did you hijack a car in 2021? Did you bribe? If you have done so, the IRS requires you to report it on your tax return. USAToday

Photo: Shutterstock

The provisions went viral on December 27 after a tweet warning taxpayers about these somewhat unexpected requirements to report your illegal income on their tax returns.

“Tax reports are just around the corner,” said @litcapital in a tweet. “Remember to report proceeds from illegal activities and stolen property to the IRS.”

Requirements can be found at IRS.gov among other information that reports income earned from working in the gig economy and what to do with taxable child support payments.

“If you steal property, you must report its fair market value in your income in the year in which you steal it, unless you return it to the rightful owner in the same year,” the stolen property provision states.

What if you are a drug dealer or are involved in other crimes?

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In this case, the IRS publication advises that you record your earnings on Line 8z, Schedule 1 of your Form 1040, "or Schedule C ... if you received income from your self-employment."

And don't forget to report any bribes or kickbacks you receive while doing business.

Kickbacks are also included in Schedule 1 or Schedule C, while the IRS says bribes should simply be included in your income.

Twitter has had a busy day.

“If I steal a bunch of TVs from Walmart, and a bum steals them from me, can I write it off as a loss?” Reads one tweet.

“So, once you report your theft, are you legally able to keep the stolen goods? Ask a friend! ”, - wrote another user.

An IRS spokesman confirmed that the provisions are posted on the website, but declined to comment further.

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