14.1.09

taxing

IRS tax code WTF: "Other Income"

some tips for the less-than-scrupulous, courtesy of the internal revenue service:
Bribes. If you receive a bribe, include it in your income.

Illegal activities. Income from illegal activities, 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.

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.

good to know.

1 comment:

Kevin said...

You also cannot take a deduction for the capital outlay or expenses relating to:
1. operating your drug dealing business as a business expenditure, see § 280E;
2. for bribes to government officials, see § 162(c)(1);
3. for fines paid to the government for illegal behavior, see § 162(f).