The Daily Deduction

Tax Tips for Individuals Who Are Moving This Summer

 

7-24-13_moving 

 

Many families choose to move during the summer when the children are on summer vacation from school.  Did you and your family recently move to a new location because you started a new job or relocated in your current one?  You may be able to claim tax benefits if you’re about to move or you recently moved to a new place that’s farther than 50 miles from your previous location. 

You are only eligible to claim these moving expenses if you moved within 12 months of our start date at the new job/location.  Also, you must work full-time for 39 weeks during the first 12 months after you arrive in town at your new job location.  If you’re self-employed, you much work 78 weeks during the first 24 months. 

The following moving expenses are tax deductible: 

Travel: This inlcudes transportation, mileage, airfare, parking fees, tolls, and/or hotel/lodging expenses. 

Cost of packing, crating, and transporting household goods or property.

Utilities:   You can deduct expenses for connection and/or disconnecting utilities.

Keep in mind that if your employer reimburses you for the cost of the move, you may need to include that reimbursement on your tax return.

Don’t forget to tell the IRS and the SSA about your move! 

Posted To: The Daily Deduction By: Lauryn on 7/24/2013 02:55:00 AM
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