This isn’t new info. Isn’t that how they got Al Capone? This begs another question though. If you steal a car worth $10,000 in March and then give it back in September when the cost of used vehicles has been skyrocketing, can you claim it as a loss? /s
A U.S. circuit court of appeals, however, reversed Sullivan’s conviction. It ruled that, while income from illegally trafficking liquor was subject to taxation, the Fifth Amendment to the U.S. Constitution — which protects against self-incrimination — protected Sullivan from declaring that income on his tax returns.
But the U.S Supreme Court in 1927 reversed the court’s decision.
Damn. Line 8z is just an “other” entry where you fill in the blank. I was hoping we now had a dedicated theft box on the 1040.
So the obvious question is: Can I put a negative amount in that box if someone steals from me? I wouldn’t want that money being double taxed as both my income and theirs.
Zero1030 says
IRS built different
WhirrBuzzer says
Same with drug dealing.
You have to report ALL income from ALL sources. Legal or illegal.
TheNotoriousKK says
This isn’t new info. Isn’t that how they got Al Capone? This begs another question though. If you steal a car worth $10,000 in March and then give it back in September when the cost of used vehicles has been skyrocketing, can you claim it as a loss? /s
ricardo9505 says
I know a dude that has paid taxes for 10 yrs running an illegal business.
Lokarin says
Ya, if you want to not have to report income… form a church!
Blujeanstraveler says
A U.S. circuit court of appeals, however, reversed Sullivan’s conviction. It ruled that, while income from illegally trafficking liquor was subject to taxation, the Fifth Amendment to the U.S. Constitution — which protects against self-incrimination — protected Sullivan from declaring that income on his tax returns.
But the U.S Supreme Court in 1927 reversed the court’s decision.
IllinoisJonesJr says
Damn. Line 8z is just an “other” entry where you fill in the blank. I was hoping we now had a dedicated theft box on the 1040.
So the obvious question is: Can I put a negative amount in that box if someone steals from me? I wouldn’t want that money being double taxed as both my income and theirs.
Farscape_rocked says
Yep. so that when you’re sentenced for drug dealing the IRS can get in on the action for tax evasion.