More insanity from the IRS…

Man, they’ll getcha…no matter what. If silver crosses your palm (or virtual money crosses your cyberspace), the IRS has gotcha!

Due to a forthcoming family transaction, I’ve been delving into some esoteric IRS documents, trying to figure out what to plan for in terms of taxes next year. It’s proven unexpectedly complicated, *sigh*. But I’ve uncovered more examples of the IRS’s brilliance (these are actual quotes). Think really hard about the full implications and circumstances of the following…!!!

  • Bribes. If you receive a bribe, include it in your income. Publication 525, Taxable and Nontaxable Income, p. 28
  • 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. Publication 525, Taxable and Nontaxable Income, p. 30
  • 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. Publication 525, Taxable and Nontaxable Income, p. 30
  • 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. Publication 525, Taxable and Nontaxable Income, p. 31
  • Rewards. If you received a reward for providing information, include it in your income. Publication 525, Taxable and Nontaxable Income, p. 31
  • 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. Publication 525, Taxable and Nontaxable Income, p. 32

So, if you’re a bribe-taking, treasure-hunting, drug-dealing, kickback-receiving, snitch and thief, by all the gods, you better report that income, or you’re in such deep doo-doo when the IRS audits you!! Hoo boy!

I am not making this up! It really says that! I swear!

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