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Old 12-28-2005, 09:06 PM
I.Rowboat I.Rowboat is offline
Join Date: Oct 2003
Location: S.F. Bay Area
Posts: 36
Default Re: Tax Questions Forum

This has been answered before: Yes, as a US citizen you have to pay taxes on virtually all income, including "overseas" income. This certainly falls into that category. The legality of the enterprise doesn't matter: drug dealers, embezzlers, gamblers, etc. all owe income tax to Uncle Sam, even if the source of the income is highly tainted. Remember, Al Capone was convicted on tax charges relating to his unreported illicit income, not on the illegal activities that were the source of that income.

Standard disclaimer: I am not an expert, just another user of these forums.
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