I just bought a purebred pomeranian which I just registered with the continental kennel club .Someone told me to claim her . How does this work?
2006-10-28 12:59:16 · 14 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you intend to breed the dog and sell the offspring, then you do indeed have a business. You don't have to have a 'business name", you're just a sole proprietor. No transfer necessary, just a change in purpose. This also holds if you intend to make money by showing your dog and using the winnings as income.
You may also have a hobby, in which case you can deduct the expenses UP TO the amount of any income - which means that you could pretty much break even on the taxes.
Other than that, you can't "claim" anything without a Social Security Number.... I always say that if you can get your dog a SSN, I'll put it on the tax return - of course, I'm joking when I say it.
2006-10-28 13:39:01 · answer #1 · answered by Katie Short, Atheati Princess 6 · 1⤊ 0⤋
Unfortunately, there is no way to claim a non-human on your tax return as a dependent. There is a financial writer by the name of Jeff Schnepper who has gotten Visa and Mastercards for his dog (T.D. Schnepper- The. Dog.) and cat (T.C.), but he has not yet been able to get a Social Security number for either. Also, you may not currently deduct veternarian bills as "medical expenses" if you are an itemizer. Some taxpayers have been pushing for this, as they consider their pets to be family members, but Congress has not agreed with them, and given the state of the economy, will probably not be allowing pets a break any time soon.
2016-05-22 04:04:38 · answer #2 · answered by Kerry 4 · 0⤊ 0⤋
Did you buy your dog with the intent to breed and make money? If yes, hope you had bought the dog under a business name or you can create a biz name now and "sell" (transfer the cost) to your business. The cost of raising your dog for breeding can be offset against the profit you make on breeding. For example, if you don't have your dog under a business, then all the cost for the dog plus all the feeding and raising the dog is out of pocket, and when you do breed, you would have to pay taxes on the money. By putting your dog under a business, all the costs are deducted against the money you made on breeding, and you only pay taxes on the remaining portion of the proceeds.
2006-10-28 13:17:27 · answer #3 · answered by justdennis 4 · 0⤊ 2⤋
Is this a showbiz dog? Your main salary allowance? You make a living off the big prizes she/he wins? Then you could take mileage deductible.
Other than that look up for Purebreds on the IRS website to see if really deductible. Which I highly doubt it is. Just another expense for you.
Oh yea, also do pick up her doo doo's in the park!
2006-10-28 13:14:31 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If it is a guide dog for the blind, or an assistance dog for the elderly, it is a legitimate tax deduction. Food, water, vet bills, housing, (Got to work on that one!) is all deductable at a percentage.
Hard to figure out how you will work a "Pom" into that.
2006-10-28 13:03:08 · answer #5 · answered by rifleman01@verizon.net 4 · 2⤊ 1⤋
You can't claim a dog on income tax unless it is a business expense.
2006-10-28 13:00:52 · answer #6 · answered by Bad Kitty! 7 · 2⤊ 1⤋
You can claim the animal if it is a certified working dog. But not just because.....
2006-10-28 13:01:24 · answer #7 · answered by Anonymous · 0⤊ 0⤋
How much does the dog earn per annum?
2006-10-28 13:02:54 · answer #8 · answered by Anonymous · 1⤊ 1⤋
no unless it is a business expense. But I'm sure you would have to PROVE IT.
2006-10-29 01:28:02 · answer #9 · answered by ? 6 · 0⤊ 0⤋
ha
2006-10-28 13:00:18 · answer #10 · answered by Anonymous · 0⤊ 1⤋