Tax Time! IRS Reminder: Report Stolen Goods, Drug Money, Bribes

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This includes the pickax wielding thief in Rite-Aid.

The IRS wants to collect taxes on your stolen goods. Bribes also have to be taxed. In fact, all income related to illegal activities, such as drug money, is required to be reported as income on 2021 federal taxes.

In Publication 17 for 2021, which helps filers prepare their taxes for the season, the Internal Revenue Service says if residents harbor any stolen property, they are required to list its fair market value on their 2021 taxes.

The IRS also requires the following be reported as income: gambling winnings, rewards, gifts and inheritances, hobby losses, an activity not for profit, found property, carpool, job interview expenses, jury duty, kickbacks, medical savings accounts, prizes, and awards, sale of home, sale of personal items, and union benefits and dues.


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