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.

take our poll - story continues below

Did SCOTUS make the right decision on medical mandates for large businesses?

  • Did SCOTUS make the right decision on medical mandates for large businesses?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Washington Exterminator updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

“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?

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston.

You Might Like

Warner Todd Hutson

Warner Todd Huston has been writing editorials and news since 2001 but started his writing career penning articles about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN, and several local Chicago News programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a "target rich environment" for political news.

Related Articles

Back to top button
Close