Letter to the editor: Death and taxes: Grandpa Joe needs you to pay up | SummitDaily.com

Letter to the editor: Death and taxes: Grandpa Joe needs you to pay up

Ally Doolin

Over the past two years, in the name of COVID-19 relief, our government has injected trillions ($6.5 trillion in 2020, $7.2 trillion in 2021) into our economy, resulting in massive inflation and soaring debt levels. It seems Washington has no end in sight to these historic spending increases as the current administration plans to continue this unprecedented spending in excess of $6 trillion annually (with estimated receipts of $3 trillion to $4 trillion), further compiling our nation’s debt-spending addiction.

As our national debt approaches $30 trillion, the government needs to get creative with ways to pay for our gluttonous, out-of-control spending. A meme circulating recently shared an interesting tidbit of information from the IRS: “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.”

It’s almost laughable to consider. Thieves, reporting their income from stolen goods and property to the IRS? As if.

I wonder if Black Lives Matter looters in summer 2020 and the recent string of smash-and-grab looters will report their newly found income to the IRS? Remember they are watching us at every opportunity as new reporting requirements are now being implemented for banking, PayPal, Venmo, crypto, etc. (Are they really after the rich to pay their “fair share” or is this to squeeze average Joes?)

Selling illegal drugs as a side hustle? Fear not, you won’t be left out: “Income from illegal activities, such as money from dealing illegal drugs, must be included in your income … if from your self-employment activity.” Definitely remember to report all income from the sale of mountain blow.

At the end of the day, just remember this pro tip at tax time, and you’ll be OK.

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