This really amuses me. I was looking on the IRS's Web site for tax info (independent contractor, etc.), and it has a very long list of what is considered "income" and, further, whether that income is taxable or not.
It includes -- I shit you not -- the following, which I have lifted verbatim from the Web site:
Bribes.
If you receive a bribe, include it in your income.
Found property.
If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.
Illegal income.
Illegal income, 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.
Kickbacks.
You must include kickbacks, side commissions, push money, or similar payments you receive 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.
Well, that takes care of all *my* questions....
It includes -- I shit you not -- the following, which I have lifted verbatim from the Web site:
I'm sure there are people stupid enough to list their incomse thus and get picked up with a quick query to the database.
And for those that don't report, go to jail for tax evasion when that is all the gov't can get them for... Damned if you do, damned if you don't.
I'm sure there are people stupid enough to list their incomse thus and get picked up with a quick query to the database.
I figure any tax return with *anything* on line 21 is going to get flagged, if for no other reason than to mock the people stupid enough to report stolen property as income.
I'm sure there are people stupid enough to list their incomse thus and get picked up with a quick query to the database.
Actually, these are just intended to provide police and prosecutors additional ways of charging people for crimes. Like with Al Capone, it might be easier to charge someone with tax evasion than with the actual crime....
x-posty with Cass....
It's just that a lot of people who get busted for white-collar crimes get nailed for tax evasion. It's there in the forms so that when someone gets prosecuted, they can't claim that it wasn't reportable income.
But it is crazy weird: "My Stolen Income is X"
ETA
no, steph, funny to me too.
Is barter considered taxable income? (Like if you trade a service for goods or other services.)
What if you trade one illegal thing for another? Like if you use drugs to pay a prostitute?
Can you deduct bribes as a business expense? Say if you were to bribe both Canadian border security officials in order to import illegal moose.
