If you steal something, you must report it as income, IRS says. Wait, what?

If you steal something, you must report it as income, IRS says. Wait, what?
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Yes, you’re supposed to report anything you stole this year as income on your tax returns — unless you return it.

An image circulating on social media of guidance from the Internal Revenue Service telling taxpayers to do so has some people confused and others wondering whether it’s fake.
But the rule is real. It’s included in the IRS’s 2021 federal income tax guide.

“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,” the guide says.

 
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