If you find a quarter on the sidewalk you must report it as income

I read everything. Cereal boxes, junk mail, directions, ingredients, warning labels, forms, business cards, tax publications…

Did I say tax publications? Indeed I did. Specifically IRS Publication 17. And its brilliance deserves to be blurbed.

“Deliciously uncertain – and satisfying. A gritty, unforgettable experience.”

Excerpts from Publication 17 (the only tax guide most individuals need)

Chapter 12 Other Income

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

Host or Hostess. If you host a party or event at which sales are made, any gift or gratuity you receive for giving the event is a payment for helping a direct seller make sales. You must report this item as income at its fair market value.

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, if from your self-employment activity.

Rewards. If you receive a reward for providing information, include it in your income.

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. Report it on Schedule D (Form 1040). You cannot deduct a loss

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.



2 Responses to “If you find a quarter on the sidewalk you must report it as income”

  1. stogiezino Says:

    …and of course I had to see it for myself. Humor in tax regulations…who’d’ve thunk?

    • mcmisura Says:

      I’ve since found out it has something to do with being able to charge criminals with tax evasion – like they did with Al Capone.

      I still think it’s funny…

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