Posted on 12/29/2021 4:49:27 PM PST by Oldeconomybuyer
As you wind down the year, cleaning out drawers and emptying wallets of receipts, don’t forget to report to the IRS any income you brought in from drug deals, bribes, stolen goods, prostitution or other illegal activity.
According to IRS publication 17, the Internal Revenue Service wants taxpayers to include on their forms “income from illegal activities, such as money from dealing illegal drugs.” Make sure you put that on “Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity,” the IRS wrote.
The agency also requests that “if you steal property, you must report its fair market value,” but only if you don’t “return it to its rightful owner in the same year.”
The somewhat obscure provisions went viral this week after a popular finance-meme social media account and daily newsletter author pointed them out.
(Excerpt) Read more at nbcnews.com ...
Babylon
Bee
What if you steal in San Fransisco and it’s under $950. Do you still have to report it?
Mr. Capone comes to mind.
I believe this has always been the case; criminals are expected to report their ill-gotten gains as income.
I’m sure the extra IRS agents included in Brandon’s BBB bill are planned to be tasked with going after the looters, rioters and thieves who don’t report their 2021 income accurately.
/s
Soooo.....
The entire democrat party, then.
“Don’t forget to declare income from stolen goods and illegal activities, IRS says”
thanks for the reminder ...
Is there a separate line for that?
Or do you have to issue yourself a 1099?
Perhaps you should contact the people you stole from and get them to issue the 1099?
If the people you sold drugs to, are too strung out to issue you a 1099, do you still have to report it?
No not report your money saved through tax evasion, however. They already know.
Most hilarious thing I have heard in years. I hope they are not holding their breath, especially for the politicians...
That’s actually quite nice. Is that a lobster adorning that vase? Never thought of putting one there.
our neighbor says that when the govt puts Pelosi, Biden, Hunter, and Soroznazi in prison, he will start declaring his “stolen money” too
Like Pfiser and Moderna’s addition income from the Biden EO mandates?
Hunter Biden?
I’m sure all the dindus, cartels, mafia and politicians will totally do that. /s
Hey. Tell the Bidens.
NBC got taken.
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