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Lydia Live | Spectrum News 1

Why does the IRS want people to report money received from illegal activities on their tax return?

"Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity"

If someone reports such income, what happens next?

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