Now Playing
On Air
No Program
Now Playing

Posted: February 07, 2015

Surprising ways your pet could equal a tax deduction

By Christine Slusser

We all love Fido and Rover and [insert weird pet name here], and now we have a reason to love our furry friends even more.

Two words: tax break. The Daily Finance put together a list of instances when good ol' Fluffy can mean a tax return. 

Some include: 

--If you move: The website says you can deduct the expenses of moving your pet. Typically, the move has to be due to work. 

--If pets are even sort of your profession: If you race or breed animals or have show dogs, some of those expenses could be deducted. And if you've gone as far as turning your love into a business, it could be possible to deduct all of your expenses. 

--Guide and guard animals are also potential write-offs.

And thanks to the Van Dusen v. Commissioner of Internal Revenue ruling in the U.S. Tax Court, fostering pets may also lead to tax deductions. 

Another interesting way to write off some tax dollars is to set up a trust for your pet. Financial website Bankrate spoke with a law professor who said most states allow pet trusts.

And our most surprising way for you to see some green returned? Writing off your pet's food. Personal finance website Kiplinger cites a couple who wrote off the cost of cat food for feral felines. These cats took care of snakes in their junkyard, which in turn made it safer for people visiting. The case went to court, and the IRS agreed it was a deductible cost.

This video includes images from Getty Images and music from Podington Bear / CC BY NC 3.0.

There are no comments yet. Be the first to post your thoughts. or Register.


Win $1,000,000 with our Battle of The Brackets Challenge

The most popular local Bracket game is back for 2018. Submit your bracket and compete against your friends for a chance to win $1,000,000.

LISTEN: Stories Behind The Songs Podcast

An intimate look at what made Nashville’s best-known song writers write their hit songs and more

Play the Checkered Flag Challenge

This is THE Game for NASCAR Fans. Pick who you think will finish in the top 10 each race and compete for weekly prizes and a trip to the 2019 Daytona 500.