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THIEVES BEWARE If you’ve stolen something, you need to report it as INCOME on your taxes, IRS says

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IF you’ve stolen something, you need to report it as income on your taxes, the IRS says.

An image from the IRS website circulating on social media shows the federal agency’s guidelines for stolen goods.

According to the IRS, taxpayers need to report the value of any property they have stolen each year as income.

“Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity,” the IRS says.

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