Illegal Income

The Friday File: In the spirit of public service, income from illegal activities such as money from dealing illegal drugs, the fair market value of stolen property, and hacked Bitcoin accounts (unless returned during the same calendar year) must be reported on Schedule 1 (form 1040) line 8z, or Schedule C (form 1040) if self-employed. It’s how Al Capone was convicted of tax evasion from income earned selling illegal booze.

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