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  #61  
Old 08-29-2005, 07:26 PM
jackdaniels jackdaniels is offline
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Join Date: Sep 2004
Posts: 222
Default Re: How much to be an assassin?

[ QUOTE ]
Illegal income. Illegal income, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.

[/ QUOTE ]

Thats crazy bro!
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  #62  
Old 08-29-2005, 07:36 PM
poker-penguin poker-penguin is offline
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Join Date: Jan 2004
Location: Auckland, NZ
Posts: 22
Default Re: How much to be an assassin?

Yep, it's true. I was discussing online poker with a purveyor of fine horticultural products with whom I happened to be aquainted. I said "...and I don't pay tax"

His response "bro, I pay my taxes - the IRD can [censored] you up worse than the police"

So yes, income from ilegal sources is taxable. That year, I declared all my cashouts as "income from other sources" and wrote "selling weed" as the explanation.

See, the law is that while you have to pay taxes on ilegal income, they can't share your info with the police. [censored] up? Maybe, but with the size of the drug economy in NZ, it's necessary.
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