Income from illegal activities is taxable.

Name: Income from illegal activities is taxable.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

According to the Internal Revenue Service (IRS), income from illegal activities, such as selling drugs or engaging in illegal gambling, is taxable and must be reported on tax returns. However, since the income is from illegal activities, there is no legal way to report it, and failure to do so can result in serious penalties and criminal charges.

Income from Illegal Activities Is Taxable