Can Medical Marijuana Be A Tax Write-Off?

Joe | Aug 06, 2010 |

The answer to that question is and always has been “no,” according to an article in The Huffington Post. But a gray area may have been opened up by an official at the I.R.S. in a letter to a citizen.

In response to a question about whether an unspecified herb used to treat migraines can be considered a medical expense, the IRS agent issued three prerequisites that qualify the purchase of an herb as a medical expense, according to a blog post by Paul Caron, a law professor at the University of Cincinnati College of Law, published with help from Roger McEowen, an agricultural law professor at Iowa State University, on TaxProf.com.

Although cannabis does meet the prerequisites, federal law prohibits controlled substances from being deducted as medical expenses. So the long answer to the question in the title is “it should be, but it’s not because the federal government is screwing you again.” We should be used to this by now, but the fact is that no matter how much we advance in the states, the feds will always be an impediment; at least until the laws are changed at the federal level.

– Joe Klare

See original posting here: http://the420times.com/2010/08/can-medical-marijuana-be-a-tax-writeoff/

Related articles by Zemanta

• One toke over the IRS-approved medical tax deduction line (dontmesswithtaxes.typepad.com)
• Discount Pot for the Poor? Tell Medical Marijuana States to Make it Affordable (uspoverty.change.org)
• Tough New Rules Weed Out Colorado Pot Shops (marijuanaevaluations.wordpress.com)