Don't forget to declare income from stolen goods and illegal activities, IRS says.
“If you find $1 on the street or embezzle from your employer, that’s all taxable income, as well as your paycheck from flipping burgers at McDonald’s,” one tax preparer said.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.
“All income, from whatever source, is taxable income, unless excluded by an act of Congress,” Gary Schroeder, a Maryland-based tax preparer, said. “If you receive $500 to kill your neighbor’s annoying rooster, or find $1 on the street, or embezzle from your employer, that’s all taxable income, as well as your paycheck from flipping burgers at McDonald's.”
If a person declares and pays taxes on their illegal activities, then they also get to deduct the cost of any restitution as well, he said.
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