income tax

[denverbear]

heard thru the grapevine today (not sure yet if true) that since mmj is legal in Colo. that we can claim it under mediicne expense for the state of Colo only...not on the federal return but state only.....if this is true this will help our state tax returns for sure....anyone else heard this and if this is true then a caregiver should be able to claim under the state return the expense for setting up the grow...eqp. etc.....heck this should even help the mmc's for thier outlay of big bucks they spend to open up and the equipment bought to run thier operation.....

denverbear Reviewed by denverbear on 01-15-2011. income tax heard thru the grapevine today (not sure yet if true) that since mmj is legal in Colo. that we can claim it under mediicne expense for the state of Colo only...not on the federal return but state only.....if this is true this will help our state tax returns for sure....anyone else heard this and if this is true then a caregiver should be able to claim under the state return the expense for setting up the grow...eqp. etc.....heck this should even help the mmc's for thier outlay of big bucks they Rating: 5

[puntacometa]

heard thru the grapevine today (not sure yet if true) that since mmj is legal in Colo. that we can claim it under mediicne expense for the state of Colo only...not on the federal return but state only.....if this is true this will help our state tax returns for sure....anyone else heard this and if this is true then a caregiver should be able to claim under the state return the expense for setting up the grow...eqp. etc.....heck this should even help the mmc's for thier outlay of big bucks they spend to open up and the equipment bought to run thier operation.....

Kumin Sommers LLP - Case Law - Denver, CO

Click on the link that refers to the dispensary tax at the bottom of the page.
Kumin Sommers was successful in their arguments and won the suit.The guidelines for allowable IRS deductables for growers was determined in this suit.