The IRS and Dumb Crook News

Did you steal anything in 2005? I know you crazy readers out there! Well, just make sure you report it to the IRS.

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.

Not a joke. This is actually in the tax code. See IRS Publication 525, page 32. I love how they play out the scenario that you may have returned the item to its rightful owner. Just to be clear: if that happens, you don't owe tax on it. Got it?

(Hat tip: Michael Williams)