Moving Expense Deductions & Taxes
When moving it’s important to keep in mind there are some deductions that you could earn if you meet the requirements. Here are 3 of the requirements that you should consider during the moving process.
The distance between your new job and your previous home must be at least 50 miles apart.
You must work full time for a minimum of 39 weeks during the initial 12 month period that starts on the day you arrive in the new location. The 39 weeks do not consecutive and even when it’s for multiple employers.
The deduction covers the reasonable expenses you incur to transport your personal effects and household items to your new home. Which might include:
- Renting a storage unit (30 days)
- Traveling (including lodging but not meals)
A few Nondeductible:
- Any part of the purchase price of your new home
- Car tags
- Driver’s license
- Expenses of entering into or breaking a lease
- Home improvements to help sell your home
- Loss on the sale of your home
- Losses from disposing of memberships in clubs
- Mortgage penalties
- Pre-move househunting expenses
- Real estate taxes
- Refitting of carpet and draperies
- Return trips to your former residence
- Security deposits (including any given up due to the move)
- Storage charges except those incurred in transit and for foreign moves