 Dispensaries.com reported on a comment by IRS National Taxpayer Advocate, Erin Collins, while she was on C-SPAN’s Washington Journal show. At first, Collins said that “if it is a medical expense, and then you have an option on your Schedule A, you could potentially put it there.”
Shortly after that appearance, Collins corrected herself while speaking to Marijuana Moment, when she said, “I had not previously studied the federal tax treatment of marijuana, and I speculated,” Collins went on to say, “To clarify, medical marijuana is not tax deductible for federal purposes under current rules.” While the Federal Government will not allow medical users to deduct their expenses, the Government has no problem receiving millions and millions of dollars from cannabis businesses. As they stated, “income from any source is taxable.” Catherine Cole / The M News Now Comments are closed.
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