12-31-2021, 01:20 AM
Interesting things I learned scanning through IRS Publication 17: (https://www.irs.gov/publications/p17)
1. You can claim a child as a qualifying relative even if the child has been kidnapped.
2. The IRS does not accept checks greater than $100,000,000. If you owe more than that, you need to break it into multiple, smaller amounts.
3. You can donate to help pay the public debt. (I wonder what the IRS thinks paying taxes is?)
4. Any wager greater than 300x the amount of the bet is subject to withholdings.
5. If you barter something, it must be included as income.
6. Canceled debt must be included as income. So... student loan forgiveness. You may be off the hook for the loan but are you still on the hook as income? (It looks like they get picky parsing this one out)
7. If you have a hobby and incur loses, it is not deductible. However, if you make money on that hobby (let's say sell a rare coin or something) that is capital gains and taxable.
8. And YES!!! Gains from illegal activities such as selling drugs, must be included on Schedule 1, line 8z or on Schedule C if you are a self-employed drug dealer. Kickbacks and "side-money" go in the same location. Interestingly, rewards must also be included as income. So it looks like the IRS wins either way.
1. You can claim a child as a qualifying relative even if the child has been kidnapped.
2. The IRS does not accept checks greater than $100,000,000. If you owe more than that, you need to break it into multiple, smaller amounts.
3. You can donate to help pay the public debt. (I wonder what the IRS thinks paying taxes is?)
4. Any wager greater than 300x the amount of the bet is subject to withholdings.
5. If you barter something, it must be included as income.
6. Canceled debt must be included as income. So... student loan forgiveness. You may be off the hook for the loan but are you still on the hook as income? (It looks like they get picky parsing this one out)
7. If you have a hobby and incur loses, it is not deductible. However, if you make money on that hobby (let's say sell a rare coin or something) that is capital gains and taxable.
8. And YES!!! Gains from illegal activities such as selling drugs, must be included on Schedule 1, line 8z or on Schedule C if you are a self-employed drug dealer. Kickbacks and "side-money" go in the same location. Interestingly, rewards must also be included as income. So it looks like the IRS wins either way.