IRS Sends Rules Reminding Drug Dealers and Home Invaders to Report Income from Their Criminal Activities
This week, the IRS put out some helpful guidelines for criminals, reminding them that they should report all the income they made from the crimes in 2021.
Yes, don’t forget, if you steal things from people’s houses and pawn them, or if you make money selling illegal drugs… well, darnit, that’s all taxable income.
Per the New York Post:
The Internal Revenue Service is reminding Americans that they must report all of their hard-earned income to be taxed, even if it is the result of criminal activity, according to the bureau’s updated Publication 17 for the 2021 tax season, which offers general guidelines for filing taxes.
“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,” the IRS told sticky-fingered Americans.
The agency also reminded those who’ve pocketed any by cash selling narcotics — or through any number of unspecified “illegal activities” — to report their earnings.
“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,” the IRS said.
One has to wonder… if you have to buy a gun, or maybe a crowbar, or something to batter down a door… is that a deductible work expense?
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