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magic
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05 Apr 2005, 10:25 am

Since this is the time of year when one spends quality time doing goverment-mandated homework, here is a little gem to lighten your mood. From IRS Publication 525 Taxable and Nontaxable Income. For use in preparing 2004 Returns, section Miscellaneous Income, page 31:

Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year you return it to its rightful owner.

For anyone interested, you include this value in line 21 of form 1040. :D



axelkat
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05 Apr 2005, 2:41 pm

lol nice, magic
A


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BeeBee
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05 Apr 2005, 5:10 pm

I don't think you get a deduction if you return it the next year though.....

:lol:

BeeBee



magic
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05 Apr 2005, 9:37 pm

BeeBee wrote:
I don't think you get a deduction if you return it the next year though.....

I guess you're right. This makes the end of year (Christmas, New Year's Eve) the worst time for robbery. :D



Dan
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06 Apr 2005, 12:22 am

magic wrote:
Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year you return it to its rightful owner.


:D

What's the purpose of this rule? Is it so they can find dumb crooks, or so they have an excuse to give thieves more jail time?



Asparval
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06 Apr 2005, 1:49 am

Surely that makes the government an accessory to the crime.



vetivert
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06 Apr 2005, 2:48 am

brilliant! magic, you're a star!