01-17-2022, 09:55 AM
Don't forget to include "income from illegal activities" alongside your crypto gains
<!-- SC_OFF --><div class="md"><p>As if working out your tax for crypto wasn't hard enough, the IRS now want us to include income from illegal activities as well as report any stolen property you may have,.</p> <p>According to IRS publication 17, 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 (Form 1040) , line 8z, or on Schedule C (Form 1040) if from your self-employment activity”.</p> <p>They also requests that “if you steal property, you must report its fair market value,” but only if you don’t “return it to its rightful owner in the same year.”</p> <p>If you want to read up on this latest nonsense there's a good article on the NBC News website. I know people can be weary of links so I haven't included it</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/dmack080288"> /u/dmack080288 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/s5n15p/dont_forget_to_include_income_from_illegal/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/s5n15p/dont_forget_to_include_income_from_illegal/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>As if working out your tax for crypto wasn't hard enough, the IRS now want us to include income from illegal activities as well as report any stolen property you may have,.</p> <p>According to IRS publication 17, 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 (Form 1040) , line 8z, or on Schedule C (Form 1040) if from your self-employment activity”.</p> <p>They also requests that “if you steal property, you must report its fair market value,” but only if you don’t “return it to its rightful owner in the same year.”</p> <p>If you want to read up on this latest nonsense there's a good article on the NBC News website. I know people can be weary of links so I haven't included it</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/dmack080288"> /u/dmack080288 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/s5n15p/dont_forget_to_include_income_from_illegal/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/s5n15p/dont_forget_to_include_income_from_illegal/">[comments]</a></span>Kind Regards R