What Moving Expenses Are Deductible?
When it comes to the tax laws surrounding moving and moving expenses, things can get complicated, as they often do with tax codes. However, there are a few stipulations to be mindful of when preparing for a move so that you can make the most of tax benefits that are available to you. First, you must determine whether or not your move is considered a qualified move by the IRS.
A qualified move must meet the following requirements:
- The move must be in close proximity to the start of a new job
- The distance to your new job must be 50 miles farther from your old home than your previous job was from your old home.
- You must work at the new job 39 out of the next 52 weeks
Once you have determined that your relocation is indeed a qualified move, you can then begin assessing your expenses to determine which ones are tax deductible. These expenses include:
- Transportation and in-transit storage of personal belongings, cars, and pets
- Travel expenses, which are generally limited to gas and lodging
- Certain house hunting expenses may also qualify
To learn more about the tax code surrounding moving expenses, you can consult with an expert relocation specialist by contacting Atlantic Relocation Systems. We would be happy to assist with every aspect of your move. Contact us today to schedule a free price estimate for our services.