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IRS: We Don’t Care How You Get it. Just Be Sure and Report it!
By JLP | December 13, 2006
I was reading through the “Other Income” section (scroll down as the page doesn’t seem to be loading correctly) in Publication 17 and found some pretty funny stuff. The section deals with all sorts of “other income” and whether or not you have to report it. Here’s some of the funny stuff I found (word-for-word as the IRS has it written):
Bribes. If you receive a bribe, include it in your income.
Illegal income. Illegal income, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.
Kickbacks. You must include kickbacks, side commissions, push money, or similar payments you receive in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040), if from your self-employment activity.
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.
LOL! That last one made me laugh out loud! My question is: If a person is dealing in these illegal activities, are they moral enough to pay taxes on them?
Funny stuff!