taxes

6 pet-related tax write-offs

6 pet-related tax write-offs
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Cut the high cost of pet care with these easy tips
By Jean Chatzky

6 pet-related tax write-offs © wavebreakmedia/Shutterstock.com

6 pet-related tax write-offs

Almost every pet owner will tell you that their animal is a member of the family.

The IRS disagrees. That's why the taxman won't let you claim your dog, cat, guinea pig or whatever critter brightens up your life as a dependent.

That means you get no tax exemption for all the love and care you provide your pet. And that care can be expensive.

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Market research by the American Pet Products Association found that U.S. pet owners spent more than $58 billion on their animals in 2014. The group estimates that amount will grow to more than $60 billion in 2015.

Many of those dollars go each year to veterinarians. But again, the IRS says "no" at tax time. You can't count those bills as itemized medical deductions.

However, the Internal Revenue Code does allow a few instances where you can write off some pet costs.

When you move your pet, deduct it. When you put a pet to work, deduct job-related expenses. And if your love for animals translates philanthropically, you can write that off, too.

Take a closer look at these 6 pet-related tax write-offs.

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