Tax time.. Don't forget to report your illegal income and kickbacks

[SoCalDem]

http://www.irs.gov/publications/p525/ar02.html#d0e4295

Illegal income.

Illegal income, such as stolen or embezzled funds, must be included in your income on line 21 of Form 1040, 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 line 21 of Form 1040, or on Schedule C or Schedule C–EZ (Form 1040) if from your self-employment activity.

Example.

You sell cars and help arrange car insurance for buyers. Insurance brokers pay back part of their commissions to you for referring customers to them. You must include the kickbacks in your income.

[girl gone mad]

1. Where do I report..

money from my crack dealing business? ;)

[Hubert Flottz]

3. In the "H0" income section I'd imagine!

Under holesale income! :evilgrin:

Repeat customers under retail! :evilfrown:

[bleedingheart]

2. that's pretty funny...along with the idea that gambling losses can

be written off....

[creativelcro]

5. Do you mean, that the $100 I lost

gambling for Dean in Iowa can be written off ? IT was a legal "gamble", via an official trading site...

[SoCalDem]

6. I actually had to report gambling winnings once..

Luckily, I had everyone I knew saving loser scratcher tickets to offset my winnings.. I had 2 shoeboxes of losing tickts , just in case they ever audited me, but they never did :)

[greatauntoftriplets]

4. Years ago, my city council member...

...was sent to prison not for accepting bribes, but for failing to report them on his income tax. True story.

8. knew this "farmer"

I knew this "farmer" once, if you catch my drift, who reported all of his income, so that he didn't come under suspicion for living beyond his lifestyle.
He just put it down as odd jobs if I remember correctly.

[Hubert Flottz]

7. Just lie about everything like Bush does everyday!

The Resident sets the example for the entire country, right?