The Financial Collapse of 2001 Unwinding Message Board

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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding

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pak73

To: E_K_S who wrote (9081)	8/13/2022 7:53:35 AM
From: elmatador	1 Recommendation Read Replies (2) of 13801

Be careful with those "proceeds" amigo... Publication 17 is very clear on that! irs.gov Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year. But there is more! Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity. Imagine a citizen declares the stolen property and his drug dealings, thinking he is a law abiding taxpayer and then one of those 87,000 new IRS recruits barge at his fucking door at 2AM!! Grab him in his pajamas and throw him into a van? That wouldn't be good. “"Major duties" of the job include "Carry a firearm and be willing to use deadly force, if necessary," and "Be willing and able to participate in arrests, execution of search warrants, and other dangerous assignments."” Luckily we don't do those kinds of things... I can picture a guy waking up in the morning to find his G63 Mercedes he reported stole in the driveway, with a note: I am returning your G63 intact as I don't want to declare it to the IRS. PS: i didn't have money to fill the tank. Gas is like $5 a gallon. LOL!

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