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Planning a robbery in the US? Best check with your accountant first

23 February 2010 No Comment

OK I have to admit: this may not apply to you.

But in the course of some leisurely reading I found “Publication 525″ from the United States Department of the Treasury: Internal Revenue Service. You can find this here; it’s a pdf file. It explains what is taxable and non-taxable income for US taxpayers to help them with their 2009 returns.

It’s fairly comprehensive. On page 36, for example:

“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.”

There’s no indication of whether you can claim a deduction for any expenses incurred in the course of your trade (ammunition, perhaps) but then if too much detail of that nature were given, why would you need an accountant?

Oh, fair market value is defined on page 8.

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