I volunteer to stand downwind when the police "destroy" it.

I accidentally donate the whole bag.

Wow.. first time I have EVER seen a news article come close to the actual street value of weed..

2 lbs is usually $15-20k+ in cop math..

No, you need to fill in form 420EZwider.

/Not a weed smoker
//Not a tax professional
///Not responsible for forms incorrectly filed or smoked

If I bought a snowboard, should I add that to my 1040 or 1080 tax forms?

Someone in Boulder actually reported something like this?


I am surprised by this, cause everyone there is a raging pothead.

http://www.taxgirl.com/fix-the-tax-code-friday-illegal-activity-the-irs/

I think just as you are required to report income from illegal activities, you could probably get away with writing this off. But you'd probably only be able to deduct your costs, not law enforcement's inflated "street value".

So, they reported finding $8k in pot, how much wasn't reported to the police?

St_Francis_P: Wouldn't that be form 420?

Came for this. Left satisfied.

Galactic_Empanada: Someone in Boulder actually reported something like this?


I am surprised by this, cause everyone there is a raging pothead.

Pothead yes most certainly, but what is this rage you speak of?

/Boulderite

If you don't get a receipt, you can't claim it. (Well, you could try, but it won't stand up if you get audited.)

Drake21339: Wow.. first time I have EVER seen a news article come close to the actual street value of weed..

2 lbs is usually $15-20k+ in cop math..

"Green leafy substance?" It was probably the discarded stems and leaves a grow house was getting rid of.

It's just a shame taxes haven't been paid on it every step along it's journey. Given the typical taxation rates being floated around that would be $1,600 closer to a balanced budget. Actually, in this model we would have to accept other variables such as police man hours not being wasted. Oh well, not like it's an issue anymore, we all know this is the last marijuana known to man, mission accomplished the world is now safe.

Drake21339: Wow.. first time I have EVER seen a news article come close to the actual street value of weed..

2 lbs is usually $15-20k+ in cop math..

this.

saw the $8K figure and assumed the story was going to say it was an ounce. love the cop math (which does, of course, take into weight EVERYTHING, no matter if there was a stalk still in the middle of the package)

To deduct it, he'll need an acknowledgment by the charitable organization and a qualified appraisal. Good luck finding a pot-appraisal specialist willing to sign his name to one of those.

It's likely that this is inventory property to him, so his deduction would be limited to the amount he paid for it.

Only if you want to claim the deduction. Depending on your situation, it may be more trouble than it's worth.

Dealer selling in the bookstore parking lot at night, cops drive by then do a u-turn...

/Nope, you can't get the bag back out of that donation box.

Nicholas Urfe: To deduct it, he'll need an acknowledgment by the charitable organization and a qualified appraisal. Good luck finding a pot-appraisal specialist willing to sign his name to one of those.

It's likely that this is inventory property to him, so his deduction would be limited to the amount he paid for it.

Only if he gets audited. In addition, the fact that he would probably get in less trouble by saying he didn't keep receipts of the transaction and lying about what he donated than by admitting he donated $8000 worth of pot suggests that he should just do the former.

Seriously though, nothing put in those bins is technically deductible under current tax law.

Rant_Casey's_Rabies_Buffet: Occam's Chainsaw: Dear Stoned Samaritan:

Next time, sell the pot and donate the money.

This! Just $4,999 at a time.

1. Form 8283 is required for noncash donations over $500, not $5000.

2. It's not required for cash donations.

They should be allowed to donate it to a cancer clinic. 'Waste not, want not' and all that sort of thing.