Already thinking of tax season? The IRS wants you to remember to report income from drug deals, bribes, stolen goods, prostitution or other illegal activity. Really.
As you wind down the year, cleaning out drawers and emptying wallets of receipts, don’t forget to report to the IRS any income you brought in from drug deals, bribes, stolen goods, prostitution or other illegal activity.
, the Internal Revenue Service wants taxpayers to include on their forms “income from illegal activities, such as money from dealing illegal drugs.” Make sure you put that on “Schedule 1 , line 8z, or on Schedule C if from your self-employment activity,” the IRS wrote.
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