Claiming expenses for pets (fish/ reef?) on taxes
- Thread starter Adam13
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Afishionado
Richard @ Afishionado Channel
So i can't claim my fish, corals and dog? Darn it...
Afishionado
Richard @ Afishionado Channel
Woah.. you have a huge family then lol.
revhtree
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Well since I'm technically in the saltwater aquarium business.......ha!
Ostentum
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What we need to do is have a fishstore set up as a not for profit with "Foster" fish and corals, then these "Fosters" would be considered tax deductible up to 25% of the cost, in the same manner a donation to Goodwill would be. In addition you could deduct the mileage to "Foster" that fish or coral and you could deduct in the same manner previously stated the food and life support system for that fish/coral. In effect you could deduct 25% of the purchase of the system the year in which you acquired it and all of the bills you spent on keeping that coral/fish alive. Leave it to us accountants to think of things like this 
. Last year I did set up an llc and deduct through the business my 260g and my new tile as business expenses since the business can technically install these items into your house, again leave it to us accountants to get creative and deduct stuff like this.
. Last year I did set up an llc and deduct through the business my 260g and my new tile as business expenses since the business can technically install these items into your house, again leave it to us accountants to get creative and deduct stuff like this.
vetteguy53081
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REFFERS UNITE and legislate this LOL
I can tell you for sure that you can deduct it from your taxes. I have been doing it since 2007. The IRS considers aquariums a hobby so it can be deducted. If they would have considered this a pet you would not be able to deduct it. This is only helpful if you use an itemized deduction if you take the standard it does not help. My mother owns a Tax office and I did taxes in her office until I graduated collage in the early 2000's. I was trained by H and R block a long time ago.
Donations to the goodwill is no longer accepted as a deduction unless a dollar value is included in your receipt from the goodwill which they don't do to often. You can deduct the taxes paid in this hobby no matter what because it is considered a hobby.
