Animal Welfare Professionals

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  • 1.  Taxes deductions for fosters?

    This message was posted by a user wishing to remain anonymous
    Posted 02-09-2023 08:10 AM
    This message was posted by a user wishing to remain anonymous

    First time foster mom am cared for special needs foster dog for a year love her getting set up for her and treats bed food chew toys some meds have added up read some where might be able to deduct some foster dog expences on taxes? The rescue I am fostering her through is kinda new to foster program do pay for her vet and most of her medications. I help out when and where I can she is loved. Asked my accountant bother he didn't know believe a letter is required from 501c charity do you know or have the information on tax deductions for fostering her love is reward enough. But would like to know what the requirements are and process and what can be deducted exactly.

    Still need to get her an XXL crate for in her room as a chewer she requires the constant supervision like a 2 year old child. Would only crate when need to keep her safe if I need to go out to tje store or Dr appt.

    Please let me know allowable deductions tax info for fosters for 2022 taxes. Thank you

     

     


    #FosterPrograms


  • 2.  RE: Taxes deductions for fosters?

    Posted 02-09-2023 02:06 PM

    You can deduct what you paid as donations. You'll have to get the  federal tax form from the rescue with the total donated. 



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    Tammy Fabian
    Executive Director
    Friends For Life Animal Rescue
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  • 3.  RE: Taxes deductions for fosters?

    Posted 02-10-2023 06:55 AM

    You are able to take any donations, and you can also take unreimbursed expenses for things like food, supplies, and medical care as in-kind donations.  You can even claim a prorated portion of your utilities towards the part of your home used to care for the animals.  For amounts under 250 you need to itemize and document those items and have receipts.  For items above $250, you'll need a more formal record with a tax statement from the primary organization detailing the amount paid and declaring that you were not reimbursed.

    The big stickler is, unless you have significant expenses in these areas, it's unlikely that you'd reach a threshold above the standard deduction, especially since that has increased relatively recently.  If you take the standard deduction, you would not itemize these individual items on your tax return and would not be able to claim any additional tax benefit.


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    Jeff Okazaki
    Humane Society of Jefferson County
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  • 4.  RE: Taxes deductions for fosters?

    Posted 02-12-2023 12:58 PM

    Thanks for the information. Does it hurt the rescue financially  if I as for a form for what I have paid? She is expensive as special needs and sometimes I spoil her with more toys and expensive rabbit dog treats as she has food sensities so single ingredient rabbit treats...the rescue has covered most of her medical and some medications I help where I can love her not doing it for the tax credit but might be a bonus since I never had human kids to deducted. :)



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    Cindy Wilde
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  • 5.  RE: Taxes deductions for fosters?

    Posted 02-13-2023 08:26 AM

    Hi Cindy,

    It would NOT hurt the rescue organization at all, this is part of the basic donor service they should be able to provide and it has no financial impact on their organization.  It's just related to your personal income taxes.  



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    Jeff Okazaki
    Humane Society of Jefferson County
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  • 6.  RE: Taxes deductions for fosters?

    Posted 02-13-2023 08:14 AM

    However, if you do have significant expenses, then you may be able to itemize and claim these donations as deductions on your tax return. This could help you lower your taxes and reduce your overall tax burden. It's important to keep accurate records of any donations and to keep receipts of any unreimbursed expenses so that you can easily substantiate the amounts with the IRS if needed. You should also research the rules and regulations for claiming these types of donations on your tax return to ensure you are following all the rules and regulations.



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    Thomas Jaxon
    teaching
    inuu
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  • 7.  RE: Taxes deductions for fosters?

    Posted 02-12-2023 01:06 PM

    Thank you for your help!



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    Cindy Wilde
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