In practice, it’s rare for those who break the law to then turn around and dutifully log their ill-gotten gains for the government to review. But there are exceptions.
“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 saidAs 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., the Internal Revenue Service wants taxpayers to include on their forms “income from illegal activities, such as money from dealing illegal drugs.” Make sure you put that on “Schedule 1 , line 8z, or on Schedule C if from your self-employment activity,” the IRS wrote.
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