Although were all disappointed that the HAPPY Act (an acronym for “Humanity and Pets Partnered Through the Years”) that was proposed by Congressman McCotter has failed to pass, there may still be some deductions that you as a pet owner can take.
For many years it has been reasonable to take deductions for seeing-eye dogs, guard dogs and other types of “working” pets. What is really exciting is the move towards allowing for deductions for FOSTER CARE PETS. In a landmark case last year, the Wall Street Journal reported on the case of a cat foster mom who won a case against the IRS for deductible expenses. These expenses are considered donations towards the mission of the charity.
Some tips if you are a foster parent:
- Keep all you receipts
- Keep notes on what was bought and it’s purpose
- If your expenses total more than $250 – you must get a qualifying letter from the charity confirming the donation.
As always,you should consult your tax attorney to make sure all your deductions qualify.
Interested in becoming a Foster parent for PAWS? Visit our website for more information and fill out an application.
**This post is informational only and is not given, and should not be taken as legal advice. Always consult a legal professional.
What do you think about deductions for pets – share your comments with us.
