Mother-in-law said this was popular in the 70s (and we’re reliving the economy of the 70s, and it’s about to go back to 1929, but I digress), anyway, she said that IRS agents would show up at swap meets and gather information about the people there. I believe there are multiple tax court cases on the matter from then. “All income from whatever source derived.” They mean it. Unless your name starts with an H and ends with an R, you are expected to report all income like a good little serf.
Mother-in-law said this was popular in the 70s (and we’re reliving the economy of the 70s, and it’s about to go back to 1929, but I digress), anyway, she said that IRS agents would show up at swap meets and gather information about the people there. I believe there are multiple tax court cases on the matter from then. “All income from whatever source derived.” They mean it. Unless your name starts with an H and ends with an R, you are expected to report all income like a good little serf.