Tax Tip: Can I Deduct My Pet? - TheStreet

Tax Tip: Can I Deduct My Pet?

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We totally get that your pet is a full-blown member of your family. And wow, do we spend money on them.  

Upwards of $69.51 billion in 2017 alone, according to the American Pet Products Association.

So it would just seem logical that we could claim them as a dependents and deduct their expenses on our tax return, like your other kids.  

Uh....no. So much for logic.

You can not claim your pet as a dependent on your tax return.

But there are a bunch of exceptions that will let you deduct some of Fido's expenses.

So watch our video above to learn what they are but with all things -- be sure to consult with your tax pro.

Tax Day is April 17 this year, so get on it and keep tuning in for more tips and tactics to help you get through this tax season!

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