Happy Thanksgiving to you and all your family members, even -- or for many of us, especially -- the furry ones.
As we gather today to say thanks for all we have, many of us will include our pets among our blessings. I know my mother would be lost without her constant companion.
She is not alone. Almost every pet owner will tell you that their animal is a member of the family.
The IRS, though, tends to disagree. 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.
There are, however, some special situations where you can write off animal-related costs. Here are six:
- As a medical deductions, for example a service dog;
- When the animal works, for example as a guard dog;
- When your pet goes with you on a tax-deductible relocation;
- As part of your hobby expenses that offset your hobby income;
- When animals are the focus of a charitable organization; and
- When the pet is the beneficiary of a pet trust.
And on this holiday celebrating all we are grateful for, be sure to save some primo table scraps for your pets!
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