Friday, April 20, 2007

If you receive a bribe, include it in your income

I'm sure this has made the rounds many times, but I wanted to make sure I kept a handy link for my own reference. Highlights from an actual IRS publication:

http://www.irs.gov/publications/p17/ch12.html

Bribes. If you receive a bribe, include it in your income.
...
Illegal income. Illegal income, 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.
...
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.
...
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.

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