SALT LAKE CITY (KTVX/NEXSTAR) — It’s tax season in the U.S., leaving many Americans to try and sort through the mess of W-2s and 1099s.
Making sure you report every bit of your income to the IRS can be a daunting task. Thankfully, the IRS has a handy list of income you need to report from taxable alimony to selling illegal drugs.
That’s right. Among the list of income the IRS asks you to report when you file your taxes is any income you receive from 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,” the IRS website reads.
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The IRS also asks taxpayers to report any stolen property’s full market value as income in the year they stole it, unless, of course, they return the stolen goods to their rightful owner. Bribes should also be included in your reportable income. The only time monetary gains are not required to be included in your taxable income is when it’s exempted by law, which famously does not include illegally earned money.
h/t general mishka