You love them like you gave birth to them and take as many – if not more – photos than any other newborn parent. They are your fur babies, and it almost seems criminal you can’t claim that pet as dependents or for a deduction or two come tax time.
Or can you? Since pets are considered a personal expense, you usually can’t catch any extra tax breaks. Which is a shame because according to MarketWatch: “More than half of American households have a pet, and they spend an average of $1,560 a year on them, many strapped pet parents could use all of the help they can get.”
However, some special situations actually could help you recoup the cash you’ve spent on your furry freeloader.
The obvious scenarios typically involve service animals, and we’ll get into that more below. But if you are fostering pets, there may be options for you as well. And of course, if your pet is earning money for you – like in acting for example – the expenses for your pet could be written off. It’s a business expense, right?!
“So, unless your little furry friend is considered a business expense, like a guard dog used to protect your business, or can be claimed as a medical expense like a seeing-eye dog, you likely can’t claim him as a dependent,” TurboTax said.
So let’s dive into a few of those furry pet tax deductions that might come your way.