Home RSS
Real Estate
Cars

Which Moving Expenses Can Be Deducted from Your Taxes?

movecentral.com
Which Moving Expenses Can Be Deducted from Your Taxes? - Moving - Expenses - Deducted - Taxes


Do you qualify and what can you deduct? - There is good news if you moved to a new town to take a job last year. You probably don’t have to pay all of the costs. If your employer didn’t pick up the tab, Uncle Sam might take care of some of the partial costs.



Which moving expenses are deductible? The moving expense deduction has changed a lot over the years.
 
General deductions for moving your family and possessions are:
 
Required lodging (but not meals) en route to your new home.
Cost of moving household goods and personal effects.
Temporary storage of your household goods (up to 30 days).
 
Qualified moving expenses are treated as an adjustment to income. This means that you can deduct them whether or not you itemize deductions. You’ll need file Form 1040 (the long form) and attach Form 3903. 
 
Of course, not all moves are deductible. In order to deduct your moving expenses, you have to meet two tests: 
 
Time
You must begin working as a full-time employee within 13 weeks of your move, and you must work at least 39 weeks during the 12 months after your move. And it doesn’t matter whether your employer transferred you or you took a brand new job. Your move doesn’t even have to be “work-related,” as long as you have a full-time job in the new location.


Distance
To meet this test, your new job has to be at least 50 miles further from your old home than your old job was. If you didn’t have a job before the move, your new job has to be at least 50 miles from your old home. 
 
Read more



Add your comment
  Anonymous comment
Nickname:
Password:
  Remember me on this computer

Title:
Send me by email any answer to my comment
Send me by email every new comment to this article





 
_________________________________________________________________________
 
Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.