Thumper
01-08-2022, 06:51 PM
I was digging around on the IRS.GOV site for eBay sales reporting type stuff and ran across some interesting tidbits. I kid you not, this is on the official IRS website. Scan down almost half way to the "OTHER INCOME" heading if you think I'm FOS.
https://www.irs.gov/publications/p17?fbclid=IwAR3w0-KtimiZm8sgySzl8R3jub3A44HJub4TY57GBFfkJRESMJUEApyy pAo
#1, #3 and #6 are "interesting". :lmao
Surely our government isn't that stupid. I'd have to assume those ridiculous items are only on the books so a couple of extra charges can be added to the list when some bozo gets busted. Who knows?
1) Bribes. If you receive a bribe, include it in your income.
2) Found property. If you find and keep property that doesn’t belong to you that has been lost or abandoned, it’s taxable to you at its fair market value in the first year it’s in your undisputed possession.
3) Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040)
4) Kickbacks. You must include kickbacks, side commissions, push money, or similar payments you receive in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040)
5) Sale of personal items. If you sold an item you owned for personal use, such as a car, refrigerator, furniture, stereo, jewelry, or silverware, your gain is taxable as a capital gain.
6) Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year.
https://www.irs.gov/publications/p17?fbclid=IwAR3w0-KtimiZm8sgySzl8R3jub3A44HJub4TY57GBFfkJRESMJUEApyy pAo
#1, #3 and #6 are "interesting". :lmao
Surely our government isn't that stupid. I'd have to assume those ridiculous items are only on the books so a couple of extra charges can be added to the list when some bozo gets busted. Who knows?
1) Bribes. If you receive a bribe, include it in your income.
2) Found property. If you find and keep property that doesn’t belong to you that has been lost or abandoned, it’s taxable to you at its fair market value in the first year it’s in your undisputed possession.
3) Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040)
4) Kickbacks. You must include kickbacks, side commissions, push money, or similar payments you receive in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040)
5) Sale of personal items. If you sold an item you owned for personal use, such as a car, refrigerator, furniture, stereo, jewelry, or silverware, your gain is taxable as a capital gain.
6) Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year.