00:03it's that time time to pay uncle Sam well even if you're a thief embezzler or other criminal
00:10you need to pay taxes on your illegal income IRS publications state quote income from illegal
00:16activities such as money from dealing drugs must be included in your income unquote that
00:22goes for stolen property as well the IRS states quote if you steal property you must report its
00:28fair market value in your income in the year you steal it unless you return it to its rightful
00:33owner in the same year unquote does that mean criminals get deductions to the IRS states the
00:38taxpayer is to deduct all the quote ordinary and necessary expenses paid or incurred during the
00:44taxable year in carrying on a trade or business unquote so yeah those legal fees for defending
00:50yourself those may be deductions too
00:52you
00:53you
00:55you
00:57you
00:57you
Comments