As weird as it sounds, you can avoid paying taxes on property that you steal, but there is only a limited amount of time left in 2021 to do so.
“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,” theLikewise, the IRS said any income obtained from illegal activities, like dealing drugs, must also be claimed.
This income is added on Schedule 1 , line 8z, or on Schedule C if it’s from your self-employment activity, according to the IRS.
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