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It's tax season! Don't forget to report your stolen property, drug income, and bribes
Author Message
vonunov Offline
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Posts: 564
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Post: #1
It's tax season! Don't forget to report your stolen property, drug income, and bribes

http://www.irs.gov/publications/p17/ch12.html

Quote: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.

Quote:Illegal activities. Income from illegal activities, 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.

Quote:Bribes. If you receive a bribe, include it in your income.
04-08-2015 04:20 AM
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Ky Offline
Shadow

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Post: #2
It's tax season! Don't forget to report your stolen property, drug income, and bribes

Hey, whatever catches dumb criminals.

Public Service Announcement: First world problems are still problems.
04-08-2015 04:35 AM
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MurkScribe Away
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Post: #3
It's tax season! Don't forget to report your stolen property, drug income, and bribes

I don't like taxation, I feel that pooling money and resources together for something should voluntary and not forced upon by an authority, and then using that money for things that the people do not want.

MurkScribe's Mental Health Status:
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04-08-2015 06:05 AM
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Ky Offline
Shadow

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Post: #4
RE: It's tax season! Don't forget to report your stolen property, drug income, and bribes

(04-08-2015 06:05 AM)MurkScribe Wrote:  I don't like taxation, I feel that pooling money and resources together for something should voluntary and not forced upon by an authority, and then using that money for things that the people do not want.

Taxation is theft. And to think that this theft funds our current education system...

Public Service Announcement: First world problems are still problems.
04-08-2015 06:09 AM
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HSHARK Offline
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Post: #5
RE: It's tax season! Don't forget to report your stolen property, drug income, and bribes

Tax also funds our military.
04-02-2016 02:05 AM
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brainiac3397 Offline
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Post: #6
It's tax season! Don't forget to report your stolen property, drug income, and bribes

It funds a lot of things.

Personality DNA Report
(06-14-2013 08:02 AM)Potato Wrote:  watch the fuq out, we've got an "intellectual" over here.

Hidden stuff:
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04-02-2016 11:31 AM
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vonunov Offline
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Post: #7
RE: It's tax season! Don't forget to report your stolen property, drug income, and bribes

It's not really about catching them.

https://en.wikipedia.org/wiki/Taxation_o...ted_States

"The United States Supreme Court has ruled that requiring a person to declare income on a federal income tax return does not violate an individual's right to remain silent,[2] although the privilege may apply to allow the person to refrain from revealing the source of the income."

The idea is that yes, you have the right not to incriminate yourself. So that is done by not talking exactly about the source of the income. But to not declare the income in any way and so avoid paying taxes on it, that's the part the IRS takes care of and they take care of it very well.

This helps give the run-down a bit better

http://money.cnn.com/2013/02/28/news/eco...ncome-tax/

- Illegal income gets declared mostly when the criminal has been caught that tax year or thinks they will be soon, to avoid the tax charges as well
- The IRS ordinarily doesn't require you to provide details about the income source
- However, if you get audited, they might try to verify your numbers with other people who were involved in the illegal transaction
- The IRS can't rat you out without a court order for access to your return
- They're not supposed to proactively alert other agencies unless yer a terrorist
- There are loopholes in how this actually works
- They probably do actually tell on you and you will probably get caught
- Therefore most criminals avoid reporting their illegal income until they get caught

Also of note from the Wikipedia article:

"While embezzlers, thieves, and the like are forced to report their ill-gotten gains as income for tax purposes, they may also take deductions for costs relating to criminal activity. ... The taxpayer in Tellier was allowed to deduct his legal fees from his gross income, even though he incurred the fees because of his crime. The U.S. Supreme Court in Tellier reiterated that the purpose of the tax code was to tax net income, not punish unlawful behavior."
04-02-2016 12:32 PM
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brainiac3397 Offline
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Post: #8
RE: It's tax season! Don't forget to report your stolen property, drug income, and bribes

The IRS doesn't care about anything except getting paid what it thinks it should. You could be an illegal immigrant drug dealer for all they care.

Personality DNA Report
(06-14-2013 08:02 AM)Potato Wrote:  watch the fuq out, we've got an "intellectual" over here.

Hidden stuff:
[Image: watch-out-we-got-a-badass-over-here-meme-240x180.png]
Brainiac3397's Mental Health Status Log Wrote:[Image: l0Iy5HKskJO5XD3Wg.gif]
04-03-2016 02:11 AM
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