Tax deductions for grow rooms

  • Thread starter spidermite king
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spidermite king

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I'm trying to find a way to use ALL the reciepts I have for my grow room and get a tax deduction for it. Not as a business expenes per say, but as growing my own "medicine"? Or worse case senario, claim all the reciepts as home improvement? Anyone with knowledge on this please enlighten me.
 
M

MIway

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give it a throw! you only have to worry about the audit, but filing & deducting... easy as pie.
 
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spidermite king

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But if I have all my receipts and still have all the equipment, why would I have to worry about the audit? Since I'm growing my own medicine and have a card (doctors recommendation) to legally have the plants. There has to be some loophole. I'm going to H&R tomorrow but wanted to see if anyone tried this so I know how to phrase it.
 
vaporedout

vaporedout

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its not legal federally, so i think they would have a prob with you breaking the law.
 
phenotyper

phenotyper

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Yeah, despite being legal, don't give the IRS any reason to come your way. Not worth it.
 
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spidermite king

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You all are right IF I walked on and said I was growing marijuana. What was I thinking? (sarcastic) Last time I checked, growing organic vegetables is not illegal. Hense a "loophole" I'm looking for. But it was a long shot. I was just looking for some useful info and to see if anyone tried it. Thank you all for your sarcasm. God forbid anyone try and come up with an idea that would benefit eveyone else.
 
Capulator

Capulator

likes to smell trees.
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How many people do you know that grow veggies under 1k's ?
 
vaporedout

vaporedout

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You all are right IF I walked on and said I was growing marijuana. What was I thinking? (sarcastic) Last time I checked, growing organic vegetables is not illegal. Hense a "loophole" I'm looking for. But it was a long shot. I was just looking for some useful info and to see if anyone tried it. Thank you all for your sarcasm. God forbid anyone try and come up with an idea that would benefit eveyone else.
Click to expand...

who was sarcastic? god forbid people get butt hurt over not hearing what they want.... go for it, but your playing with fire involving the FEDS with MJ, or organic veggies as you put it.
 
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spidermite king

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I was just looking for serious inquiries, thats all. Or maybe somone who had knowledge or experience. Obviously I'm not going to do it without researching it. We learn from other people and history. Thats what I was trying to do.
 
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spidermite king

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"just put the cuffs on now".....I'm not "butt hurt", I was just looking for intellingent responses
 
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T1420

Guest
Shit, our first lady is giving ALL kinds of incentives for organic production of vegetables/produce.... putting up 2 30x72 greenhouses, a 30x40 pole barn and 900 foot of road, in the end it'll cost me about $1000.00.... LOL.. no wonder the countrys falling apart... F it tho, gonna get what I can while I can. They'll pay me back $4900 per greenhouse, the pole barn with concrete floor for chemical storage, and the road buildup is FREE... THEN it all becomes a ORGANIC FARM!!! writting everything off with my produce!! Look into it the USDA is giving grants for those who want to be organic farmers... only catch is you gotta put your greenhouse up before they pay ya.
 
dirk d

dirk d

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bad idea spider mite. the feds do not like mj and trying to write off expenses is going to be a red flag for them. Are you going to also include the income from any sales?? look at it as a cost of doing business. otherwise you might be thinking about it in a 6x8 cell.
 
Texas Kid

Texas Kid

Some guy with a light
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Just spend $18 or so bucks and go down to your local courthouse and get a DBA for a lawn care/landscape company....it all still runs as a sole proprietor under your name but it makes it much easier to take the deductions for gear and nutes....plus you can run seperate accounts which makes it easy cheesy to keep track of on your side and then it all just combines on your year end filing.

The room in your house gets a little tricky..the IRS considers it a percentage of square footage used of your primary residence and has to be solely used for the purpose described(no split room like and office/sewing room or workout room/office), it has to be single purpose...this one I would stay away from, it invites way to much scrutiny.

With just a small med grow you'll have no issues at all, you may want to deposit money in there every little bit so they know your tendin yards..

I have done it at a much different scale over the years with no issues.

Less than 2% of taxpayers are ever even considered for an audit and its not like anything really happens anyways, no harm, no foul, just pay us what your off and we are good...you will be on their list for a few years and I know people that seemed to get audited for sport but they where big time offenders..lol

Tex
 
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517kush

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oaksterdam in oakland california which was one of the first dispensarys to open up in california, has payed there FEDERAL AND STATE taxes every year since they have opened. that is why there are actually people in the state legislature that actually see dispenarys as a good idea.they have seen some of the profits from it. the state of Michigan gave the owners of disp. about a year or so to get there shit together and pay there state taxes so that our state govt. could actually see something positive coming out of allowing them to operate.but the MAJORITY of disp. owners didnt give the state or the city a dime.hence why they closed them in the first place. the state hasnt really made that much money from the medical marijuana situation yet. the application fees are not that much money. and im sure drug busts have actually gone down.in california the medical marijuana game is a multi million dollar buisness of which the state sees a healthy cut. as well as the fed. If you have real questions contact a TAX ATTORNEY im sure he will be able to help.
 
M

MI_MMMP_420

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Put all your money in a safe and hide the shit out of it......fuck banks just hide it and then one day....vanish....because all i see is bad coming from putting it on your taxes
 
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spidermite king

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See? thank you! Someone that takes my question serious. Thats a little out of my league, but I'm glad to hear that you can do that. Good for you man.
 
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spidermite king

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Thank you guys. I think I will leave this alone. I just wanted to see if I could get a little bit of that 10 grand I spent back. But it doesn't sound worth it. I appreciate the input (2nd page).
 
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