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If convicted of embezzling do you have to pay taxes on the money stolen?
Wiki User
∙ 11y ago
Short Answer: Yes
Longer Answer: You have to pay taxes on the amount embezzled minus any amount that you paid back in that calendar year.
So if you stole $100,000 in 2011, got caught, and paid back $10,000 in 2011...you have $90,000 in taxable income that should be declared on line 21 of your 1040 for the tax year 2011.
In subsequent years, you can deduct any additional restitution that you paid as an expense.
Wiki User
∙ 11y ago
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