#taxation #illegal #income #irs #internalrevenue

Revenue derived from illicit activity is taxed. According to the IRS, unlawful money, including revenue from drug sales, must be declared on your tax return. You have two options for reporting unlawful money. If you stole money, took a bribe, or were hired to kill someone, you would disclose it on line 8 of Schedule 1 under "Other income," but if you obtained money via an unlawful enterprise, such as a money laundering operation, you would report it on Schedule C. This manner, you may deduct your business's salary, rent, and other expenditures. Nevertheless, there is an exemption for drug traffickers, who only receive a reduction for the cost of products sold.

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