Did you know that when you move, you can
deduct your expenses from your taxes?
To qualify for the moving expense
deduction, you must be moving to a new principal residence
to work as an employee or as a self-employed individual at a
new principal place of work. Also, you must meet both the
distance and the time tests, unless you are a member of the
armed forces and your move was due to a permanent change of
station.
To meet the requirements of the distance
test, your new job location must be at least 50
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If you are
moving to take a new job, your moving expenses
may be tax deductible |
miles
farther from your former residence than your old job
location. The time test requires that as an employee, you
must work full–time for at least 39 weeks during the 12
months right after you move. If you are self–employed, you
must work full time for at least 39 weeks during
the first 12 months and for a total of at least
78 weeks during the first 24 months after you
move. There are exceptions to the time test in
case of death, disability and involuntary
separation.
If you meet all of these qualifications,
some of the expenses that you can deduct include (as listed
by
Atlas):
-
The cost of transporting your
property from your old residence to you new residence,
including the actual cost of transportation or hauling
from your old residence to your new one; the cost of
packing, crating and unpacking; and storage in transit.
-
The cost of shipping your
automobile(s).
-
The cost of transporting your
household pets.
-
The cost associated with connecting
and disconnecting utilities because you are moving.
-
The cost of moving your personal
belongings from a place other than your old residence
(such as a summer home or relative's home) may be
deducted, to the extent that it does not exceed what it
would have cost to move them from your old residence.
-
The family trip to the new residence
is considered a direct moving expense and is deductible.
This includes lodging, but not meals.
To find out more details about deducting
moving expenses, you can go to the
IRS Web site
*This article was originally posted
at
The Home Services Guide, Powered By WhiteFence.
