Get Ready to List Illegal Activity on Your Tax Return, Says IRS

As tax season approaches, once again, there are a few things we must remember when filing this year and that includes illegal activity, bribes, and stolen property.

Get our free mobile app

You just read that correctly. The IRS wants a cut of all the action, not just the legal stuff.

Twitter user Litquidity Capital recently posted an excerpt from the IRS website that has been making the rounds. Guess what? The following is all true and verified by the IRS.

If you'd like to verify this info, it's easy to find in the Federal Income Tax Guide. Just scroll down to page 75 and that's where you'll see the feds wanting in on the action you've illegally maintained throughout the year.

So, if the government can tax illegal activities, then does that make those activities legal or is the government just benefitting from illegal activities? Obviously, that's a question the government will never answer. However, you're still required to report said financial gains.

What I find extremely funny is that the IRS states we must report illegal activity, such as bribes, but they also state that "illegal bribes" are part of their list of "nondeductible expenses".

So, there you have it in black and white. Even though bribes are illegal, you must still report your income from said source. However, said illegal activity is nondeductible.

I can't make this stuff up...only the government can, which leads us into really sticky territory. Let's say I stole a TV from Target, but that TV is stolen from me, do I report that stolen TV as a loss?

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

Only 6 Women Are On Death Row In Texas. Here's A Look At Their Crimes.

**This story has been updated to reflect the current status of Melissa Lucio, who is scheduled to be executed on April 27th, 2022.**

Texas has the most active death chamber nationwide.

Currently, four inmates are scheduled for execution in 2022, including Melissa Lucio. She is the only woman on the current schedule.

The six women on death row in Gatesville, Texas have been incarcerated an average of almost two decades. Continue scrolling to see their stories.

TOP 25: The Highest Paying Jobs in Texas

I don't know personally if there is any truth to the old saying "more money, more problems." But I do know there are a few songs about it, and that I'd love to find out if it 's true. And chances are if your job isn't on this list, you'd like to know more about those problems as well.

Texas' 30 Most Dangerous Counties For Driving

Texas is a large state with multiple highways to help keep us connected. Unfortunately these same roads can cause trouble and grief if you're not careful. Take a look at the list of Texas counties and the most deadly road located there based on fatal accidents.

Source: Get Ready to List Illegal Activity on Your Tax Return, Says IRS

Filed Under: irs, tax return

Categories: Abilene News, Headline News, Photos, Political, Weird News