We recently had some important reminders from the IRS pointed out to us. Given that tax season is upon us, we thought it only right that we share them with the readers of The Father Life. These are ACTUAL reminders taken from IRS Publication 17, under the “Other Income” section.
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, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.
Kickbacks. You must include kickbacks, side commissions, push money, or similar payments you receive in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040), if from your self-employment activity.
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.
My question is: if you return the stolen property the following year, can you report it as a loss?
Ben Martin is the CEO of THE FATHER LIFE. He lives with his wife and five children in the Rochester, NY, area.