The Daily Money: You better report that stolen property on your taxes

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The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Wednesday, December 29 Good morning, Daily Money readers. This is Jayme Deerwester, back with you for the rest of this short holiday week. Tax-prep tips aren't unusual this close to the end of the year, but here's one that got our attention: Lit Capital, a growth capital fund, posted a tweet reminding readers that the Internal Revenue Service expects you to report stolen property or bribes as income on their 1040 for 2021. "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," reads the IRS' provision for stolen property. Let's see how many catalytic converter thieves and Nordstrom five-finger discount shoppers follow through with that one. Let's shift to our ...💡 INSIGHT OF THE DAY. The metaverse will go beyond just wearing a VR headset and creating an avatar, UpEquity CEO and co-founder Tim Herman and chief technology officer Andy Pruitt predict. The company believes the metaverse will remove barriers for inspecting and buying homes, and whether having an all-cash offer might make or break a deal.  Other stories you won't want to miss: Dole salad recall. Here's how to tell if the package in your fridge is affected. Expired passport? You can still get home thanks to State Department extension until March 31. Omicron and retirement. Should you let it change your timeline? 8 New Year's resolutions for small businesses. Pick a daily priority, prepare for emergencies. Arizona has been issuing bigger, riskier bonds all over the U.S. Now, some are in trouble. MOOD MUSIC. Some days, I struggle to find a song lyric that fits a given day's financial news. Today, the IRS story made the decision easy.  It had to be "Been Caught Stealing" by Jane's Addiction: "I enjoy stealing. It's just as simple as that ... When I want something, I don't want to pay for it."  (And odds are, they don't want to report it on their taxes, either.) IRS says stolen property and bribes need to be noted in your taxes Did you steal a car in 2021? The IRS says stolen property, bribes and money earned from other illegal activities need to be reported on your taxes Can the metaverse transform real estate virtually and in reality? Dole salad recall: How to tell if your salad is affected Should you let omicron delay your retirement? The 10 best Amazon deals you can get today Arizona issues bigger, riskier bonds all over the US Small business: 8 New Year's resolutions Americans can still return from overseas on an expired passport With omicron surging, is work from home here to stay? The 70 best end-of-year sales at Amazon, Walmart, more   FOLLOW US Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2021 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102