Wednesday, May 25, 2022
High Yields Cannabis/Marijuana/ Weed News
  • Home
  • Cannabis Stocks
  • Cannabis Strains
  • Cannabis Laws
    • Marijuana Laws in All 50 States
    • International Marijuana Laws 2021
  • Product Reviews
  • Growing
  • Write for Us
No Result
View All Result
  • Home
  • Cannabis Stocks
  • Cannabis Strains
  • Cannabis Laws
    • Marijuana Laws in All 50 States
    • International Marijuana Laws 2021
  • Product Reviews
  • Growing
  • Write for Us
No Result
View All Result
High Yields
No Result
View All Result
Home Cannabis Stock Quotes & News

IRS clarifies that medical marijuana is not tax-deductible under federal law after misstatement

Jeremy Vedder by Jeremy Vedder
February 15, 2022
in Cannabis Stock Quotes & News
0
Medical Marijuana, Inc. CEO Featured on Seeking Alpha’s CEO

READ ALSO

Akerna Announces Results of Annual Meeting of Stockholders

Verano Celebrates Opening of Largest Zen Leaf Dispensary in

For anyone left wondering whether medical marijuana purchases are deductible on your federal taxes, the answer is no.

But there was some confusion about the tax option after Internal Revenue Service (IRS) National Taxpayer Advocate Erin Collins was asked about the issue during an interview with C-SPAN’s Washington Journal on Thursday.

A Nevada-based caller asked Collins why he couldn’t find an option on the tax service website TurboTax to deduct cannabis purchases, which are legal under state law but not federally. The official responded that she’d “plead ignorance on the marijuana” question, “unless you’re saying it’s a medical deduction.”

“If it is a medical expense, and then you have an option on your Schedule A, you could potentially put it there,” she said.

Marijuana is legal for medical and recreational purposes in Nevada, and the caller didn’t specify whether he was a registered patient. But federal law is clear, and while Collins—who was appointed to her role by Trump administration Treasury Secretary Steven Mnuchin in 2020—said there was “potentially” an opportunity to claim deductions if it was medical marijuana he was purchasing, she clarified in a statement to Marijuana Moment on Friday that that was not the case.

To Read The Rest Of This Article By Kyle Jaeger on Marijuana Moment

Published: February 15, 2022

Founder & Interim Editor of L.A. Cannabis News

[Original Source]

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Related Posts

Allied Corp. Initiates Additional Shipment of 200kgs of CBD
Cannabis Stock Quotes & News

Akerna Announces Results of Annual Meeting of Stockholders

May 25, 2022
OG Kush: The Legendary Cannabis Strain Of All Time Reviews
Cannabis Stock Quotes & News

Verano Celebrates Opening of Largest Zen Leaf Dispensary in

May 25, 2022
Eaze launches first dispensaries in San Diego and Santa Ana
Cannabis Stock Quotes & News

MJ Unpacked announces Las Vegas show this fall and partnership with Clio Cannabis Awards

May 25, 2022
Allied Corp. Initiates Additional Shipment of 200kgs of CBD
Cannabis Stock Quotes & News

Ayr Wellness Closes Acquisition of Herbal Remedies

May 25, 2022
New survey says this is the #1 reason people are still buying black market cannabis
Cannabis Stock Quotes & News

New survey says this is the #1 reason people are still buying black market cannabis

May 25, 2022
California state agency weighs changes to pre-employment drug test appeal policy
Cannabis Stock Quotes & News

Original Balboa Caregivers sues business partner over lost license

May 25, 2022
Next Post
Medical Marijuana, Inc. CEO Featured on Seeking Alpha’s CEO

Cannabis beverage company Cann raises $27 million

  • Trending
  • Comments
  • Latest
Monthly Spotlight: The Best of Plain Jane CBD

Monthly Spotlight: The Best of Plain Jane CBD

April 8, 2022
The Ultimate Dr. Dabber Stella Vaporizer Review for 2022

The Ultimate Dr. Dabber Stella Vaporizer Review for 2022

April 19, 2022
volcano hybrid review 2022

The 2022 Volcano Hybrid Vaporizer Review: All You Need To Know

May 23, 2022
The Utillian 5 v3 Wax Pen Review for 2022

The Utillian 5 v3 Wax Pen Review for 2022

March 27, 2022

The 7 Best Smell-Proof Weed Bags To Keep Your Bud Stash Safe

April 27, 2022
The Best Synthetic Urine Kit to Pass Your Drug Test in 2022

The Best Synthetic Urine Kit to Pass Your Drug Test in 2022

May 23, 2022
The 10 Best Smell Proof Backpacks for Weed in 2022

The 10 Best Smell Proof Backpacks for Weed in 2022

May 5, 2022
Allied Corp. Initiates Additional Shipment of 200kgs of CBD

Akerna Announces Results of Annual Meeting of Stockholders

May 25, 2022
Former NFL Running Back Marshawn Lynch Launches Premium Blunt Brand

Former NFL Running Back Marshawn Lynch Launches Premium Blunt Brand

0
Major Marijuana Coalition Forms To Coordinate Legalization Push, But Some Key Advocacy Players Aren’t Involved

Major Marijuana Coalition Forms To Coordinate Legalization Push

0
MMJRecs - cannabis leaf

How Medical Marijuana Can Help Treat Sleep Disorders

0
Colorado Cannabis Sales Exceed $2 Billion in 2020

Colorado Cannabis Sales Exceed $2 Billion in 2020

0
Allied Corp. Initiates Additional Shipment of 200kgs of CBD

Akerna Announces Results of Annual Meeting of Stockholders

May 25, 2022
OG Kush: The Legendary Cannabis Strain Of All Time Reviews

Verano Celebrates Opening of Largest Zen Leaf Dispensary in

May 25, 2022
Delta 8 Gummies – Complete Guide

Delta 8 Gummies – Complete Guide

May 25, 2022
Could 2021 Be the Year of Federal Cannabis Legalization?

Ayr Wellness Closes Acquisition of Herbal Remedies Dispensaries, LLC

May 25, 2022

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • March 2020

Categories

  • 1933 Industries
  • 4front Ventures
  • Acreage Holdings
  • Ascend Wellness
  • Ayr Wellness
  • Body & Mind
  • C21 Investments
  • Cannabis Stock Quotes & News
  • Cansortium Inc
  • Captor Capital
  • Ceres Acquisition Corp
  • Chalice Brands
  • Columbia Care
  • Cresco Labs
  • CuraLeaf
  • Gage Growth
  • Glass House Brands
  • Green Thumb Industries
  • Grown Rogue International
  • Harborside
  • Item 9 Labs
  • Jushi Holdings
  • Lowell Farms
  • MariMed
  • MedMen Enterprises
  • News
  • Next Green Wave
  • Planet 13
  • Plus Products
  • Product Reviews
  • Red White & Bloom
  • SLANG Worldwide
  • Sol Global Investments
  • TerrAscend
  • TILT Holdings
  • Trulieve
  • Verano Holdings
  • Vext Sciences
  • Vibe Growth

Recent Posts

  • Akerna Announces Results of Annual Meeting of Stockholders
  • Verano Celebrates Opening of Largest Zen Leaf Dispensary in
  • Delta 8 Gummies – Complete Guide
  • Ayr Wellness Closes Acquisition of Herbal Remedies Dispensaries, LLC

QR Code

IRS clarifies that medical marijuana is not tax-deductible under federal law after misstatement
No Result
View All Result
  • Homepages
    • Home Page 1
  • News

© 2021 High Yields