can I write off a busted grow?

[2cool2]

great idea!

 

[PurplePotion]

I am by no means authorized to give any real advice on the situation, but..

I wonder if you could write it off as vegetable grow related. Supplemental income from vegetable (tomatoes!) sales? Just an idea. Not like they're going to ask to see your vegetable garden (LOL), and agriculture is widely promoted through the government.

 

[DIGITALHIPPY]

Nope .. no tax stamps in my state.

I'm talking about my federal 1040.

Let's start over.

I had a grow. I dumped shitloads of cash into it.
Never made any money off it.
got busted.
The charge I pled guilty to includes distribution.
Since I shelled out more than I took in (didn't take in any), can I take the deduction?
I know that they expect me to claim any income. Even if it's illegal.

Why wouldn't I be able to claim any real loss?

I've got nothing left to hide.
I've got plenty of income from legit sources.

An additional $10k or so on my tax return would be nice.

if you dont get audited... you'll be ok. in fact you'll be ok up to the point where you have to start explaining the paper trail of spending...
if you paid $ in the past, and dont just fill in any blank to get a return...then odd are you'll never have problems. ive put losses up to 6-7K on my returns with zero proof...room-ates leave cost me money in rent, there share of the bills, etc. nothing like leaving oweing someone 3k in rent, 1k in bills and leaving the room with 1k of work, walls, carpet, etc.
its all about the numbers they

i dont want to be one of thoes useless helps but if you google up "tax audit odds" and "reduce tax auditing" or "tax audit red flags" you can gleem some good information about the auditing process and things they look for. i just file a regular joe return so im not too worried about audits...
here are some links i found for you.


http://articles.moneycentral.msn.com/Taxes/AvoidAnAudit/5waysToAvoidAnAudit.aspx
http://articles.moneycentral.msn.com/Taxes/HomeMortgageSavings/6AuditRedFlags.aspx
these two are great
http://www.wwwebtax.com/audits/audit_avoiding.htm
http://www.latimes.com/business/la-fi-perfin16mar16,1,5961449.column
http://moneycentral.msn.com/content/Taxes/Avoidanaudit/P33948.asp

 

[DIGITALHIPPY]

i just clicked a link 1/4 way down the 6 red flags that said "how the irs conducts an audit" and there was a msn video of an irs guy explaining a few basics. msn money has alot of good tax info.

 

[brainlab]

i agree with thule on some of his points , but of course everybody should be able to protect themself and their loved ones !! i havent even seen a gun that dident belong to a police , and that i am glad for.

and last week my girlfriend got offerd a job in the us , if we would move i just hope i dont get to experience something like this.

but as i said before , i do understand you ... would protect my shit and my family before anything !

later / brainlab

 

[MrInterested]

Wow I just have to comment a little on this thread, it's so twisted I can't believe it
Ok, so... you keep dummy explosives and guns in your growhouse... man, I know *it's reality out there*, heh, but aren't guns and grows are a bad combo?

Isn't it better to get ripped off, learn your lesson (don't tell, don't smell , then move the grow and start again, than to start shooting people, the police will definately be there 2 mins later, and you face wreckless endangerment, attemted murder and production of narcotics...

Oh, and 2cool, nice job with the shotgun, and I'm happy you got away from the trouble but oh boy, only in America

 

[ItsGrowTime]

**removed at pb's request**

 

[headshot]

um anyone who has a gun and doesnt shoot someone who has a gun to one of your loved ones heads is just freaking spineless

 

[ItsGrowTime]

**removed at pb's request**

 

[luciano28]

I think I might have found your story, do you care if I post the link? I wont do it unless you say its alright.

 

[LiLWaynE]

I think I might have found your story, do you care if I post the link? I wont do it unless you say its alright.

if you can find it, anyone can find it! i would leave it at that....

 

[guest]

let it slide for now.

 

[DIGITALHIPPY]

you might just want to put 50k in as gambleing losses....
might get through with less grief.
im down for 3-6k this year in Gambleing losses...

 

[trouble]

Charges against me were:

Attempted murder
Assult with intent to commit great bodily harm
Felonious Assult
Posession of a hoax explosive device
Posession of a firearm while in the commission of a felony
Growing marijuana with intent to deliver

No offense, but in most states your looking at a minimum of 50+ years in the big house for all those charges. OJ's dream team of defense lawyers would play hell getting you any less time after you shot someone while you yourself were in act of commmitting a felony (intent to deliver). Taxes would be the least of my worries if I were you. Pack your shit and head for the boarder.



Good luck with all of that!


........................................................................................................

 

[luciano28]

Yes, sorry, that was probably in bad taste even asking that. I just want to say though after reading the article, Im 99.5% sure its you, I think you did the right thing, I believe in the right to bear arms and to protect your property. These guys were obviously planning to invade your home and it seems it was proven they knew you were home, so if you didnt shoot first and ask questions later who knows what could have happened.

Good Luck in your defense man, and I have no advice for your taxes sorry.

Best of luck to you peanutbutter and Im sorry for even asking that, I know better than that.

 

[hoosierdaddy]

Herbalistic, do you really even know what the gun laws are in our country?

Felony criminals cannot get the papers to legally carry a handgun. Background checks are mandatory. And those who do have papers are bound by strict laws as well, and can lose their right to bear arms by breaking the rules.

I think folks comment more using their perception of things, rather than reality.
Just as folks who have no clues think we are a country full of rough-shod cowboys shooting in the air and hollering yee haw. Sad really...

 

[Oscuridad]

Interesting stuff in this thread..
definitely a little of each

Yes! Canna is absolutely compassion, powerful healing that any man or woman can sow & harvest in healthy personal yields on their own so easily. Grow it & share it to benefit all, indeed

Guns are for people who needs guns, perhaps.. I am glad that I feel like I don't need to have one in my house. I wouldn't feel comfortable debating it with someone who lives somewhere far more dangerous than myself.
A lot of very good opinions here I think.
And damn LiLWaynE, you keep it real man.. I dig.

you might just want to put 50k in as gambling losses....

Of everything, this seems like the most simple logic & and stays very close to the truth, in a sense You shouldn't even have problems in an audit unless you aren't making that much disposable on paper in some other legitimate income.

But ultimately...... wouldn't it be better to research locally & find a tax professional who you could speak to about it?


Good luck regardless, in this and the future!

 

[GDB]

I find it strange that nobody in this thread sees anything wrong about shooting people. What the hell is wrong with people?

If someone comes in my house uninvited with the intention of harm they are going to get shot, no questions asked. Hopefully that never happens but I'd feel worse letting my dog get to them before a bullet. Exactly what is wrong about self defense?

 

[ItsGrowTime]

Can anyone direct me to a location where I can read an exact quote of this section 280E that LiLWayne was quoting from here:

http://www.icmag.com/ic/showpost.php?p=1623190&postcount=37

thanks

da nut

First quote:
http://en.wikipedia.org/wiki/Public_policy_limitations_on_tax_liability
Check the footnotes for the actual case citations.

Second quote:
http://en.wikipedia.org/wiki/Taxation_of_illegal_income_in_the_United_States
Footnotes again have case citations.

For the record, if you have no idea how to access case citations or how to use them for your case, then your best bet is to turn the links over to your attorney.

Internal Revenue Code is here:
http://www.law.cornell.edu/uscode/usc_sec_26_00000280---E000-.html (Title 26)

 

[nikoatnight]

Great thread! Sorry to hear about your situation. Really they weren't there to take ya's to dinner! God only knows what would have come in the end. This can fuck up your whole life, bet you'll never feel safe again. Take care and I wish ya's all the best! Lots of great info tooooooooooo. Thanks