Could Moving Costs Be Tax Deductible?
It’s possible that you may be able to take some of your moving expenses as a tax deduction. Even though government regulations are stricter now than in the past, you still may have an opportunity to catch a break if you meet following criteria listed below. Specifications For Tax Deductions When Moving 1. You have a new job or job transfer that is at least 50 miles farther from your new home than your previous home. 2. Your new home is at least 50 miles from your old house. 3. Moving will make your commute shorter to work. 4. You’re a member of the armed forces and had a permanent change of station. 5. If you’re working full-time—even if self-employed. 6. If you incur expenses within one year from when you started a new job. Expenses are typically deducted from your adjusted gross income instead of being included in your itemized deductions. You may then take the standard deduction, if it works to your advantage. What Are The Qualified Tax Deductions? 1. Packing and tr...