Is Your Pet Tax Deductible?
According to the American Pet Products Association, pets cost an estimated $56 billion a year and I’m sure it’s not slowing down.
Yes, pets are adorable, loving and lovable, but did you know you may be able to write off pet related expenses at tax time?
As always, you should check with a tax professional since the Internal Revenue Service (IRS) has very specific guidelines for if pets qualify for deductions. As always, SAVE ALL RECEIPTS.
These are the most likely circumstances that can qualify pet expenses as deductions:
- Moving a pet. In some circumstances moving with your pet when the expenses are specifically related to moving your dog too, as a result of work. Keep in mind your new job needs to be more than 50 miles from your old home.
- Guard animals. If you have a business and have a dog to protect your business then some expenses can be deducted. Expenses related to caring for the animal are deductible. The IRS allows a percentage of costs of care to be deducted, depending on how much time the animal spends on guard duty.
- Jobs that involve animals like pet sitter, animal trainer, dog breeder, wildlife rehabilitator etc. may have expenses eligible for some tax deductions.
Do you race horses? Do you purchase supplies for animals you walk or are in your care? Depending on your job, you can deduct some expenses.
- Service and therapy dogs. Households with service and guide dogs may be eligible for tax deductions.
You may be able to deduct food, leaches and other common items. Also, training and vet visits are also common expenses that may be deducted.
The pet adoption fee of the service dog or guide dog is also considered as a deduction.
- Fostering animals. Providing a safe foster environment for the care of animals until they can get adopted into loving homes can deduct expenses in some instances. Items like food, pet leashes, collars, vet visits, medications and other eligible items may be deducted.
* Charities that are non-profit, 501(c)(3) and registered with the IRS can provide paperwork proving your home fosters animals.
It’s worth saying again, it’s important to seek advice from a tax professional about any of your deductions before filing taxes. The IRS has very specific guidelines so it’s best to keep careful records.
Do you love animals too?
PS. Behavior Training For Dogs – Develop your Dogs “Hidden Intelligence”
Have A Well Behaved Dog: Dog Training System
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