From
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.
A few other goodies there as well
martin
On 14/12/2006 the venerable martin griffith etched in runes:
I really like this one:
Illegal income.
Illegal income, 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.
-- John B
You must be bored as well.......
martin
Wow, no Form 1099 needed?
I can see it now... a guy forking over cash for drugs... "but I'm withholding XX% for medicare, social security and income taxes."
I read somewhere that the IRS allowed the listing of bribes as a business expense, as long as they weren't paid to a government official. I expect that the requirement to list income from drugs, prostitution, etc is not so much to condone those activities, but rather to give the Feebs more options to prosecute people involved in those activities in an organised way. Wasn't Al Capone finally nailed for tax evasion?
How about prostitution? Can you deduct 'normal wear and tear' on your schedule-C?
Luhan
Only if you are an elected politician :-)
martin
What if the rightful owner is murdered in the process of committing the theft? Is that "Canceled debt"? If so, is it a business debt (reportable on Schedule C or C-EZ), or non business (reportable on Form 1040 line
21)? Must one demand a Form 1099-C, (Cancellation of Debt) from the victim's survivors ? Must that be done that the time of the robbery and murder or can one return to the scene at a later date for the completed form?If its a theft of marijuana, should that be reported as profit or los from Farming (Schedule F)?
-- Paul Hovnanian mailto:Paul@Hovnanian.com ------------------------------------------------------------------ All wiyht. Rho sritched mg kegtops awound?
And what of the male interns in DC?
Sure gives new meaning to 'professionally required clothing'
Cheers
PeteS
In the spot for occupation (on the 1040), I always wondered what they'd do if I listed mine as "Assassin (unemployed)".
-- Paul Hovnanian mailto:Paul@Hovnanian.com ------------------------------------------------------------------ It is not enough to succeed. Others must fail. -- Gore Vidal
Probably under "depreciation".
Why the "unemployed"? You've got income coming in... ;-)
[snip]
For the thief, as profit; report the gain on your Schedule C if you're a professional thief, or Form 1040 if thieving is just a hobby. If you're the farmer, a loss, unless your farming is an "activity not for profit," in which case you'll just have to eat it--the loss isn't deductible at all.
Cheers, James Arthur
On 14/12/2006 the venerable martin griffith etched in runes:
I'm just back from the first night of the pantomime (lighting & sound engineer and anything more technical than banging in a nail) so this evening was quite busy. Another performance tomorrow and two on Saturday will keep me out of mischief. However we had over 4 inches of rain yoday and it has rained hard every day for the last five weeks. That's getting a bit boring. Can't even get out to walk the dog without several layers of waterproofs and we have had quite a few days when the ferry didn't run so the shops start to run out of essentials.
-- John B
Gosh, you should become a professional accountant!
Brilliant...
Michael
Honor among thieves!
Bye. Jasen
Don't laugh, It's how the convicted Al Capone!
Bye. Jasen
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