In case you were wondering, income made through criminal activity must be reported on your taxes, according to the Internal Revenue Service (IRS).
The IRS said income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity.
“If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year,” said the IRS.
Several law enforcement agencies have taken to social media offering assistance to those who need to claim stolen property.
“If you need an itemized list of property call us at 716.858.2903 and a Deputy or Detective will be happy to meet you with the list. It would be our pleasure,” said the Erie County Sheriff’s Office online.
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