Report Your Illegal Income

Don’t forget to report your income from illegal activities and stolen property as you’re doing your taxes this year IRS SEARCH | HELP | MENU Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (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 you return it to its rightful owner in the same year.

A screenshot of a social media post shares an IRS page stating that illegal income and stolen property must be reported on tax returns. The joke is the absurdly serious reminder to criminals to declare drug money and stolen goods, making it useful as a reaction to someone admitting questionable or illegal activity. EN: A screenshot of a social media post shares an IRS page stating that illegal income and stolen property must be reported on tax returns. The joke is the absurdly serious reminder to criminals to declare drug money and stolen goods, making it useful as a reaction to someone admitting questionable or illegal activity.

• @eternalclassic / 46869 2024-02-24