If you are planning on a move, there is a possibility that you can deduct you moving expenses, but not all moves qualify. According to the IRS, you need to show that you started a new job or business or moved your business within a year of the move to deduct the moving expenses. There are some special rules for military personel, but for the rest of us, in order to deduct, your move must be related to a new job within the year.

Another criteria for deducting the moving expeses, is to show that the move is closer in space to your old home to your new job. So, if you are moving closer to the job, there is a good chance of qualifying for the deduction.

To qualify for deducting moving expenses, you need to qualify of both of these counts. So, if your move is related to your work in some way, you may be able to get a deduction.

You can see more information here on the IRS website. Please note that we are not providing tax advice, just leeting you know that you may have an opportunity to save some money. Please check with a tax advisor if you think you qualify.

Deduct Moving Expenses
Tagged on:

Leave a Reply

Your email address will not be published. Required fields are marked *