Can I claime my dog if I will be breeding her next year?

Question

My dog will be old enough to breed come June of this year and I was going to make a business out of it..am I able to claime her on my taxes for 2006????

Answer 1

You cannot claim a dog as a dependant on your tax return,
A Social Security number is required for dependants. If you claim the income from selling puppies as a business then you might be able to claim the breeding expenses as a business expense. Other wise NO

Answer 2

If you are in the business of dog breeding, then you can deduct the expenses related to raising the dog (food, vet bills, etc.) as well as claim a depreciation deduction for the cost of the dog. Be aware though, that if you do not earn a profit in at least 3 of our 5 years, the IRS may consider the business a hobby, in which case you can only deduct your expenses to the extent of your income. This means that you can offset your income from selling the puppies, but the expenses cannot generate a loss.

Answer 3

Claim how? As a dependent, no, definitely not. But if you are making a business of breeding and selling dogs, you will be able to claim the expenses of that business. If it's considered a hobby though, claiming expenses will be very limited.