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Are Moving Expenses Deductible?

 

 

According to the law, if you are moving your home because of your job you are allowed to deduct some of your moving expense on your income tax return. You can move either due to a new job or just a transfer of location in the same job.

Who is eligible for Deducting moving expense?

A person is eligible to deduct the moving expense from his tax returns if he meets the following criteria:

  1. Your change of location must meet the IRS’ distance test which states that the new job must be atleast 50 miles farther from your old home than your previous job location.
  2. Your change of location must meet the IRS’ time test. After the move, you must work full-time at your new job for at least 39 weeks the first year.
  3. Your moving expenses must be incurred within one year of the date you begin work at a new location.

Which Costs are Tax-Deductible?

Following costs are tax deductible:

  1. You can deduct the cost of transporting your belongings from your old home to your new home. This includes:
    1. the costs associated with packing
    2. The cost of shipping.
  2. You can also deduct up to 30 days of storage expenses for the period after you move out of your old house and before your things are delivered to your new house.
  3. You are allowed to deduct travel expenses to your new home, which includes transportation costs for all members of your household. This may involve the cost of car travel or airfare to your new location.

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By |2016-09-17T22:57:51+00:00September 17th, 2016|Blog|0 Comments

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