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Can an illegal activity be a trade or business?

Excerpted from "Social Security Handbook". See the up-to-date, official Social Security Handbook at ssa.gov.

1104. Can an illegal activity be a trade or business?

The illegality of an activity does not prevent it from being a trade or business. For example, professional gamblers, bookies, etc. may be engaged in a trade or business. If you are in this category, you are considered self-employed and are required to report your income and pay self-employment taxes.

Last Revised: March, 2001

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Not affiliated with the US Social Security Administration