It’s no surprise that Americans love our pets and aren’t afraid to spend money. In fact, in 2015, Americans spent more than $60 billion on their beloved pets
. Unfortunately, some of the money spent is in on surprise surgeries.
If you recently took your pet in for a surgical procedure, you may have been shocked with the price tag and may be wondering if there is any way to save on this expense come tax time with a write off. While a write off is possible, it’s only under some circumstances.
A bill was introduced in 2009 to ensure that people with pets get up to $3,500 tax refunds each year for the cost of qualified pet care. Despite being a lawmaking piece that would have saved pet owners a lot of money, the HAPPY (Humanity and Pets Partnered through the Years) Act did not pass. However, even though this bill didn’t pass, it doesn’t mean you can’t write off the surgery.
How you can write off pet surgery?
- If you have a service animal: Owners of service animals, such as guide dogs, can claim a deduction on services such as their surgery. Vet bills can be claimed for service animals as long as there is documentation from medical personnel.
- If you foster an animal: Volunteers who keep foster pets are eligible for tax deductions. A non-profit organization that is registered and help foster animals get tax write-offs in cases when their animals require veterinary services such as surgery. The expenses are claimed as charitable gift deductions.
- Businessanimals:The IRS will allow you to deduct pet expenses if your animal protects your business. As long as the dog is a certain breed and spends most of its time protecting the business property, any pet-related expense can be considered a write off.
- If you move: If you move work purposes, you can deduct any expenses as long the move falls under the IRS guidelines. Now, this is where it can get cloudy. If the animal were to need surgery because of this move, it may or may not be covered. Come tax time, you will need a special exemption form to qualify for this type of deduction.
- A profession: If your dog makes you money, then it’s going to be considered a business in the eyes of the IRS. This can include showing dogs at local pet shows or breeding. You are able to write off any expenses that make you a profit; however, if you consider it a hobby, don’t try to write it off because the IRS will want to see gains. If you don’t have gains, you can still deduct some expenses, but it will be limited.
As you can see, there are some ways to write off your pet’s surgery; however, for most of us pet owners, you’re going to be limited with any sort of tax deduction. If you think you fall in any of the guidelines mentioned above, consider talking with your accountant come tax time for more information.
About the Blogger
Stephanie Lynch is from howmuchisit.org, the Internet’s largest cost research database. In her free time, she enjoys spending time with her family, hiking the mountains of Arizona and reading.