Prepare to List Illegal Activity on Your Tax Return, According to IRS

As tax season approaches, once again there are a few things we need to remember when reporting this year, including illegal activity, bribes and stolen goods.

You just read it correctly. The IRS wants a share of all stocks, not just legal matters.

Twitter user Liquidity capital recently posted an excerpt from the IRS website that did the rounds. Guess what? The following is true and verified by the IRS.

If you want to verify this information, it is easy to find in the Guide to Federal Income Tax. Just scroll down to page 75 and this is where you will see federal authorities wanting to participate in the action that you have illegally maintained throughout the year.

So if the government can tax illegal activities, does that make those activities legal or does the government just profit from illegal activities? Obviously, this is a question the government will never answer. However, you are still required to report these financial gains.

What I find extremely funny is that the IRS says we must report illegal activity, like bribes, but they also state that “illegal bribes” are on their list. of “non-deductible expenses”.

So there you have it, in black and white. Even though bribes are illegal, you still have to report your income from this source. However, said illegal activity is not deductible.

I can’t make things like that up … only government can do it, which gets us into really tough ground. Let’s say I stole a TV from Target, but this TV is stolen, should I report this stolen TV as a loss?

While much of this article is a tongue-in-cheek response to the latest IRS nonsense, it still doesn’t negate the fact that you need to report illegal activity, bribes, gains from drug deals. and stolen goods on your tax return. .

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