Pet tax deductions in the future?
- Thread starter Riven
- Start date
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StevieP
Well-known member
I've been wishing they'd go through with this ever since I first heard about it close to a year ago. Wouldn't that be nice?
Luci
Gizmo's roommate
- Joined
- Jun 3, 2009
- Messages
- 833
i read through some of the comments posted on the site and there is a lot left open for interpretation.
first off...is it PER animal or PER household. i'd hope its per household because i would hate for people to start buying pets only to get a taxbreak.
another question someone asked was "how do they know we have a pet?". id assume vet bills from the current year would be the only qualification.
and what about chins? or other animals. i think 3200 for an animal such as a gerbil would be a bit crazy. i dont think they should promise a certain amount. they need to fix all the loopholes before it even reaches the floor.
im searching for more info on this, and have found the House Committee that is sponsoring this act and the information on the act itself...
http://animalprotectioncaucus.moran.house.gov/issues.html
http://thomas.loc.gov/cgi-bin/bdquery/z?d111:H.R.3501:
now that ive looked through it, i dont think it'll happen. it hasnt seen any action since july 2009. if they do decide to pick it back up, i dont think we'll see it for a while since its pretty vague.
it would be nice though.
first off...is it PER animal or PER household. i'd hope its per household because i would hate for people to start buying pets only to get a taxbreak.
another question someone asked was "how do they know we have a pet?". id assume vet bills from the current year would be the only qualification.
and what about chins? or other animals. i think 3200 for an animal such as a gerbil would be a bit crazy. i dont think they should promise a certain amount. they need to fix all the loopholes before it even reaches the floor.
im searching for more info on this, and have found the House Committee that is sponsoring this act and the information on the act itself...
http://animalprotectioncaucus.moran.house.gov/issues.html
http://thomas.loc.gov/cgi-bin/bdquery/z?d111:H.R.3501:
now that ive looked through it, i dont think it'll happen. it hasnt seen any action since july 2009. if they do decide to pick it back up, i dont think we'll see it for a while since its pretty vague.
it would be nice though.
greychins
NWI Chinchillas
It would be nice, I'll give ya that, but I agree that I don't think it's going to happen. There are always idiots out there that ruin something for the rest of us... and while some of us may legitimately spend $3500 on a pet in a year, I could (as noted) see some people getting pets just to get the discount, trying to fake vet bills (would they be audited?), or trying to take $3500 deduction on a gerbil. And would it cover chins? Whereas many people think nothing of spending thousands to care for their dogs or cats, most of my friends think I'm nuts when I tell them the amount I've spent on the chins and the rescues at the vet....or would that be livestock rather than pets? Would it only cover mainstream pets like cats/dogs? Or would it cover when your $4000 exotic fish gets some fish disease and has to be treated? Or the lady with the pet fox or patagonian cavy? I think the vagueness will kill it.
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3CsMommy
My babies Rock!
I think it would be too hard to define "pet" in a workable way, esp. since different animals aren't allowed in some areas (aka: hedgehogs are outlawed in NY and PA, but are all right in OH; ferrets are illegal in NYC, but okay in the rest of the state [I think]).
Can the federal tax be given on a pet when some residents are barred from owning it by their States? And what about those states that restrict native wild life like the Corn Snake or Red eared slider turtles, while the species are allowed in many others as a non-native? Too many variables to manage, sadly.
We could sure use the $3200, and have plenty of pets-- normal and otherwise-- to qualify.
Can the federal tax be given on a pet when some residents are barred from owning it by their States? And what about those states that restrict native wild life like the Corn Snake or Red eared slider turtles, while the species are allowed in many others as a non-native? Too many variables to manage, sadly.
We could sure use the $3200, and have plenty of pets-- normal and otherwise-- to qualify.
Riven
Bad Chin
But it's not a $3200 cash back, it's a deduction, just like a child care deduction.
I have not looking into the specs of it, but I thought it in general was interesting.
I have not looking into the specs of it, but I thought it in general was interesting.
OK. Hate to be the wet blanket here but this is not going to happen for quite a while.
For those of you who do not know me, I'm a tax accountant who specializes in individual income tax issues.
Here's the major issue. The IRS will want to be able to verify that you do own a pet which will mean some form of registration of your pet that can be verified on a national level. This may mean some kind of national registration like a for your pet. The need to be able to verify that you do indeed own a pet is very important to the IRS.
The first year that the IRS required people to include the SSN of the children that they were claiming as dependents on their tax returns the number of "children" in America dropped by over 7 million.
For those of you who do not know me, I'm a tax accountant who specializes in individual income tax issues.
Here's the major issue. The IRS will want to be able to verify that you do own a pet which will mean some form of registration of your pet that can be verified on a national level. This may mean some kind of national registration like a for your pet. The need to be able to verify that you do indeed own a pet is very important to the IRS.
The first year that the IRS required people to include the SSN of the children that they were claiming as dependents on their tax returns the number of "children" in America dropped by over 7 million.
Lmbswimmer
Well-known member
As another wet blanket I personally hate the idea of owning pets being a tax deduction. They are a "luxury".
I also personally believe there should be no deductions across the board and a flat tax rate doesn't matter how much or how little you make. That would be the "fair" thing to do.
I also personally believe there should be no deductions across the board and a flat tax rate doesn't matter how much or how little you make. That would be the "fair" thing to do.
