help me understand

[ohthatguy8]

Hello I know at one time patient to patient sales were legal, are they legal now? Also how do marijuana sales and taxes work?

 

[mr roboto]

there is a major gray area with all this stuff.

 

[cannabeans]

280E of the Internal Revenue Code
No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is conducted.

Couldnt get any clearer than that!

 

[connoisseurde420]

feds trump everything. we all breaking the law here in the state's no matter what you're doing to be 'legal'

 

[ohthatguy8]

Thanks for that post. That does make sense. I am trying to buy a house n didn't want to slap money in the bank then end up on tax fruad charges. Well theoretically if i had money!

 

[connoisseurde420]

good luck there are ways. but putting grow money in the bank for a house might get u in a bind. you have to show financal history for the money when getting a loan, down payment, or paying cash

 

[Prime C]

When paying cash for a property you will need a cashiers check. When you make an offer you have to put money down (cashiers check) and have a copy of your cashier check for the amount you offer on said property. You still need a bank to get the check but no deposit is needed. Good luck with the house bro!;)

 

[Motarebel]

Patient to patient sales is not legal. You can sell your overage to dispensaries but you must claim this as income and pay the tax or be charged under federal law. All the state wants is it's tax dollars.

 

[ohthatguy8]

Patient to patient sales is not legal. You can sell your overage to dispensaries but you must claim this as income and pay the tax or be charged under federal law. All the state wants is it's tax dollars.

Thanks Mota. I may try dropping some at a dispensary to show some extra income on top of my 9-5

 

[oscar169]

Patient to patient sales is not legal. You can sell your overage to dispensaries but you must claim this as income and pay the tax or be charged under federal law. All the state wants is it's tax dollars.

You can not Legally sell your overages or any meds to anyone other then your 5 Registered Patients

 

[Motarebel]

You can not Legally sell your overages or any meds to anyone other then your 5 Registered Patients

I've been visiting an outdoor grower who has 72 plants in an enclosure. It's monitored by the state police every 2-3 weeks,the state implanted tags on each plant. Right before harvest they estimated each plant's weight for tax purposes. Most of his plants are pushing 2 lbs so a single plant would put him over his limit for a caretaker. He's worked with the state police for 2 years now and it's been smooth sailing. .........My bad,dispensaries pay for your time, the buds are free.;)

 

[oscar169]

I've been visiting an outdoor grower who has 72 plants in an enclosure. It's monitored by the state police every 2-3 weeks,the state implanted tags on each plant. Right before harvest they estimated each plant's weight for tax purposes. Most of his plants are pushing 2 lbs so a single plant would put him over his limit for a caretaker. He's worked with the state police for 2 years now and it's been smooth sailing. .........My bad,dispensaries pay for your time, the buds are free.;)

This is happening in MI, I would be worried about them Pig fuckers coming back after the harvest .

 

[Ohiofarmer]

Thanks for that post. That does make sense. I am trying to buy a house n didn't want to slap money in the bank then end up on tax fruad charges. Well theoretically if i had money!

that's why businesses where created; i wouldn't suggest putin cash in the bank for a house.....dependin on how nice the house is.

 

[mgee]

You can receive compensation for the meds you grow for your 5 registered patients by law right now. Until dispensary law passes we're stuck at a stand still. Chances are your local authorities will not prosecute a patient handing another patient some meds in exchange for money, and it would be very hard to prosecute that without some type of proof especially on a small scale - As long as the Buyer/Seller are within their legal limit I wouldn't worry much about trading/swapping/selling too much - It's not going to be an easy case to prove without video or audio surveillance.

 

[wings123]

I've been visiting an outdoor grower who has 72 plants in an enclosure. It's monitored by the state police every 2-3 weeks,the state implanted tags on each plant. Right before harvest they estimated each plant's weight for tax purposes. Most of his plants are pushing 2 lbs so a single plant would put him over his limit for a caretaker. He's worked with the state police for 2 years now and it's been smooth sailing. .........My bad,dispensaries pay for your time, the buds are free.;)

Gotta be in the up?! I wonder what they charged per tag and inspection