The IRS has a message for any criminals out there: make sure all illegal activities are properly reported on your tax return.
- Yes, this is really a rule - it's part of IRS Publication 17, which reads "Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1".
- The next line reads: "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".
- They also say any bribes must be listed as taxable income.
- It's not clear whether any criminals have actually followed their advice.
- Do you think any criminals have actually done this? Do you take care of your taxes early, or wait till the last minute?
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