Pet owners can’t claim pets as dependents but there are options to include the pet expenses as your personal expenses and get pet tax benefits.
Pet Tax Credit 2023: Can You Claim Your Pet As Dependents? (PHOTO: Forbes)
Is There a Tax Credit For Pet Owners?
Having a pet is also considered to be expensive and pet owners are aware that they are not allowed to claim pets as dependents to receive tax relief. However, there are a few ways to deduct certain pet-related expenses, allowing you to keep more of your hard-earned income depending on the role they play in your life.
Here’s How You Can Write Off Your Pets On Your Taxes
- Service Pets
If you are blind, deaf, use a wheelchair, have post-traumatic stress disorder (PTSD), or one of several other disabilities, and depend on a guide dog or service animal for assistance, you could be eligible for several tax deductions. You might be able to write off expenses for food, training, grooming, and veterinary fees. You should be able to deduct any expenses above 7.5% of your adjusted gross income that is related to the pet helping you in a medical capacity.
Moreover, you can also verify how the IRS classifies service animals here.
- Guard Dogs or Pest-Control Cats
If you own a business, for instance, you use your pet as a guard dog or as a pest-control cat, you might be eligible to claim a tax deduction for any animals that provide a service to your business. You would be claiming a business expenditure deduction, which means that you would need to be able to indicate that the cost of having the pet is an essential component of operations.
- Foster Animals
The funds you spend for foster animals are considered a charitable contribution if it’s for a qualified nonprofit. Most animal shelters will cover the costs of food and medical expenses for the pets people foster, but anything you’re not reimbursed for could potentially qualify. Just be sure to track all your expenses and keep receipts.
If you volunteer as a transport driver at an animal shelter or rescue organization, you could also deduct tolls, meals, and parking as well as mileage costs at the current rate of $0.14 per mile.
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