You are here
Home 🌿 Medical Cannabis News 🌿 The Tricky Thing About Medical Marijuana and Your Tax Return 🌿The Tricky Thing About Medical Marijuana and Your Tax Return
Twenty-three states and the District of Columbia have legalized medical marijuana, but don't expect to use it as a write-off on your federal tax return.
That’s because the federal government still recognizes the drug as illegal.
"When federal law gets to the point where it's not illegal federally -- because it's just states that have it legal -- once Washington decides that it's going to be legal, then at that point it might be deductible,” said Tom Wheelwright, founder of the CPA firm ProVision. “But right now, it's not."
What about state tax returns?
“As the name suggests, and I assume people are using it for medicinal reasons, it may qualify as a deduction under the medical expense area,” says Bob Meighan, vice president of TurboTax.
Medicinal marijuana is a murky tax topic which is handled on a state-by-state basis.
Anyone living in one of the states that permit medicinal...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
420 Intel is Your Source for Marijuana News
420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.
420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.
Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.