Is there honor among thieves?

[mystery-ak]

March 22, 2023
Is there honor among thieves?
By Bill Hansmann

I have recently become aware of IRS Publication 525, which states, in part, that U.S. residents are required by law to declare the value of any stolen property to the IRS and declare it as income for tax purposes. The fair market value (FMV) of any such stolen property must be reported as income in the year it was stolen unless it is returned to the victim of the theft before the year’s end. Failure to do so will result in interest and penalty charges owed to the federal government, or even tax-evasion charges and possible prison sentences.

Now the addition of those extra 87 thousand IRS agents requested by the Biden administration is beginning to make sense. Deploying an army of agents greater in number than Hitler’s Gestapo or the former East German Stasi, it seems likely that President Biden is preparing to launch a huge anti-crime campaign which will declare that if you’re going to steal, you will, by God, pay taxes on the fruits of your criminal enterprises.

more
https://www.americanthinker.com/blog/2023/03/is_there_honor_among_thieves.html

[catfish1957]

Honor among thieves?

I figured this thread was about our government.

[Smokin Joe]

Honor among thieves?

I figured this thread was about our government.

In a way, it is. Note that if we trade my gadget for your widget, even up, that's considered "barter" and income.

Neither of us has gained, in that we valued the things we traded equally (set by the terms of the deal), and our wealth has not increased.

If I trade $2000 in fun tickets for a 1 ounce gold Buffalo coin (face value $50) can I claim a $1950 dollar loss on the deal?

[roamer_1]

Honor among thieves?

I figured this thread was about our government.

I will trust thieves long before any government.

[Kamaji]

In a way, it is. Note that if we trade my gadget for your widget, even up, that's considered "barter" and income.

Neither of us has gained, in that we valued the things we traded equally (set by the terms of the deal), and our wealth has not increased.

If I trade $2000 in fun tickets for a 1 ounce gold Buffalo coin (face value $50) can I claim a $1950 dollar loss on the deal?

[catfish1957]

In a way, it is. Note that if we trade my gadget for your widget, even up, that's considered "barter" and income.

Neither of us has gained, in that we valued the things we traded equally (set by the terms of the deal), and our wealth has not increased.

If I trade $2000 in fun tickets for a 1 ounce gold Buffalo coin (face value $50) can I claim a $1950 dollar loss on the deal?

lol...

I can tell you one thing.  We overpaid a particular aspect of our taxes in tax year 2019, in abundance of caution, because it was a matter that I could have interpreted either way.  We just got our what I think is our 4th rolling (we'll get back with you in 90 day) letters that the post COVID decision is under review.

Wonder what would happen to me if kept postponing decisions 2 years on whether I wanted to pay or not. /s