Just in case you weren’t sure if you had to claim that income or not on your taxes, let’s just say the short answer is YES. According to the IRS…
Bribes. If you receive a bribe, include it in your income.
Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040
Kickbacks. You must include kickbacks, side commissions, push money, or similar payments.
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.
See the full list at J-Walk Blog.
Advertisement
Marg
January 15, 2009 at 11:04 pm
Oops.
Darn.