Submitted by xCreamPye69 t3_10ontj7 in explainlikeimfive
zmz2 t1_j6hthru wrote
Reply to comment by xCreamPye69 in ELI5: Why does the IRS want your illegal income declared on tax returns? by xCreamPye69
It’s not that you report it as “illegal income,” you just report it as “other income” and don’t specify the source. As long as you declare it and pay the taxes, the IRS doesn’t care where it came from.
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