Do I have to pay tax on illegally obtained money or property?
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| Yes, you have to pay
tax on your tax return for illegally obtained money. Illegal income, such as stolen or embezzled money or property, must be included
in your gross taxable income on your tax return. You must also include in your
taxable income on your tax return, kickbacks, bribes, side
commissions, push money, or similar payments you receive.
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Related tax
information about illegally obtained money |
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| Income Related Questions and Answers |
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IRS publications about
illegally obtained money:
For further tax information about illegally obtained money see IRS Publication 17, Your
Federal Income Tax. |
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Ask Julian Block your IRS and tax questions! |
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If you can't find the answer to your IRS or tax question in our
web you can call former IRS Special Agent and one of the country's foremost tax attorneys, nationally syndicated columnist ("The Tax
Adviser") Julian Block. Julian is also the tax Editor of Mutual Funds Magazine, America's premier investment magazine. To
call Julian for a tax consultation click
here. |
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