Monday, March 19, 2007

Income sources

Sunday night I was over at my parents house. My brother and his wife were trying to do their taxes and having trouble classifying things. Our Dad printed a copy of Publication 525 and found this great little bit on page 32.

Stolen property.
If you steal property, you must reports its fier market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.

I already owe enough taxes. It's a good thing I didn't steal anything last year.


sarahbellum said...

I am not convinced that Costco table was free! ;)

Bob said...

The Costco table would be 2007 income, not 2006 income....