Every pet parent will tell you that raising and taking care of an animal is a big responsibility. From pet play dates to the importance of finding the right Doggy Daycare there are many aspects of having a pet that mirrors that of actual parenting. Sometimes you may even jokingly wonder if you can claim your fuzzy family member on your taxes. The surprising answer, however, is that yes you can in particular cases. Additionally, there are many tax deductions that you can receive for being a pet owner. Here’s a list of when and how you can claim your pet on your taxes as well as what tax deductions you may be eligible for.
- You can claim your guide dog as a medical expense.
If you utilize a guide dog for either a visual or hearing impairment or therapy animals you can claim them under your medical expenses on your taxes. You’re allowed to claim any training or maintenance expenses for your guide or therapy animal.
- If your business uses a guard dog, you can claim them as a business expense.
- If you’ve moved to a new location, you can deduct the cost of shipping your animal to your new home
- If your dog is a show dog, you can get a deduction for hobby expenses.
- If your dog is a show dog or you participate in any other hobby with your animal, you can claim them as a hobby expense as long as your hobby exceeds 2% of your annual gross income.
- If you volunteer at a nonprofit Animal Shelter or provide a foster home for rescued animals, you qualify for tax deductions.
- If you Foster rescued animals in your home, you’re able to deduct everything from their Veterinary bills to the cost feed them. Additionally, you can claim any of your driving expenses to and from the shelter. So be sure to keep detailed receipts of your volunteer expenses.
Now that you know some of the rare occasions where you can receive a tax deduction for having a pet be sure to include these deductions on your taxes if you qualify. And learn more about these pet related tax deductions and much more be sure to visit hrblock. com.