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December 30, 2021

IT'S ON OUR TO-DO LIST

Don't forget to declare income from stolen goods and illegal activities, IRS says

(Thanks to Nelson from Michigan and The Perts)

Comments

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What if stealing, illegal activities, and not reporting income are the basis of one's religious beliefs, can you claim a non-profit exemption?

I'd just bet people would be more honest about where their money came from if the government would be more honest about where it goes.

Of course, I'm not holding my breath on this.

What if the stolen goods was stolen by 3 different people during the year. Do they all have to declare it as income ? What if person A had the item for 9 months and person B only 2 months ?

I have always considered the IRS as one of my favorite, soul sucking inventions.

This seems to be contrary to the 5'th amendment.

I remember the old motto: "Don't steal !! The USG hates competition."

And also tell your wife about your mistress!

Personally, I love the IRS! If I could I would ask them all over to my house for a nice dinner and perhaps a movie!
Just think of how many more people Al Capone could have offed if he'd only done his income tax correctly.

Not exactly to do with the IRS, but the other day I talked to an old friend over the phone who had recently signed on for MediCare. I asked if everything went smoothly when He signed up and He said yes, "do they send you a card or something?" I said, "they do." He said, "I haven't got the car yet." I said, "when you get it all you have to do is show that card." He said, "Does it cover penis enlargement."

If someone realizes a profit from the sale of illegal substances they have to declare this as income on their federal tax return. It follows that if someone purchases, consumes legal or illegal substances to enhance their artistic abilities when creating music, art and reading material would they be able to deduct the cost of these substances on their federal tax return?

Where do I enter fees collected for contract killings? Is such income classified as "free lancing"?
Asking for a friend.

To underscore all this, I was a Social Security claims rep in Indiana in the mid-70's. The madam of the local brothel came in one day to apply for Medicare. She had duly paid her income and social security taxes, and was eligible.

There are state and local ordinances against prostitution, but no federal statute, you just have to pay your taxes.

Qaz, if you look at Form 1040, Schedule 1, line 8 says "Other income. List type and amount"

I would suggest simply giving, as "type", "ill-gotten gains."

Qaz--I have friend who now lives in New Jersey. He claims his accountant lists hitman fees on both state and federal income taxes as "Trash removal services."

@P C and LePet - thank you for your tips. I will forward them to my account... I mean to my friend.

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