No matter how much you love your pet, be it a dog, cat, fish or pig, you can't count them as a dependent on your tax forms and you can't deduct their expenses.
Paul Lupo, an enrolled agent at Lupo & Associates, said a client came into his office wanting to claim his pet pig as a dependent because he paid for all of its expenses. The client wanted to write off the cost of the pig's food and medical costs, which added up to more than $7,000.
"At first I smiled and almost started to laugh thinking that he was being funny, but once I realized that he was serious and not wanting to insult him I explained that it says in the tax code that it must be a person," said Lupo. "The person was disappointed and argued with me over it. After about 10 minutes he got mad and left telling me I didn't know what I was talking about."
Had the client been able to claim the pig as a dependent -- and write off the $7,000 in expenses -- he would have reduced his tax bill by $4,000.
Taxpayers can claim up to $13,360 for each child they have adopted in the past 6 years.
|What a world with 5G will look like February 09|
|America has near record 5.6 million job openings|
|Stocks stay turbulent as oil dives below $28|
|Under Sanders, income and jobs would soar, economist says|
|10 things Obama would do if only he could|