With nearly 17% of the popularion moving every year, moving expense are important.
If you moved because of a change in your job location or because you started a new job, you may be able to deduct your moving expenses if your move is closely related to the start of work. To qualify for the moving expense deduction, 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.
Your move will meet the distance test if your new main job location is at least 50 miles farther from your former home than your old main job location was. Use the shortest distance of the most commonly traveled routes between these points. To determine this, first figure the distance between your former residence and your new job and then subtract the distance between your former residence and your old job. If the result is 50 miles or more, you have met the distance test. For example, if the distance from your former residence to your new job is 70 miles and the distance from your former residence to your old job is 5 miles, you will meet the distance test.
The second test concerns time. If you are 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 the requirements, you can deduct the reasonable expenses of moving your household goods and personal effects to your new home. You can also deduct the expenses of traveling to your new home, including your lodging expenses. You cannot, however, deduct meals.
Featured Articles
- Cheap Moving Truck Rentals
Moving truck rentals are generally most expensive during the summer. In the winter one can get the cheaper moving truck rentals. However, the cost usually depends mostly on the company and its location,...
- 5 Tips to Getting a Truck Rental
If you are moving across the country or just across town, using a truck rental may be an option that you have looked in to. Renting a truck to move with can solve so many problems before they even occur,...
- Your Moving Checklist
A moving checklist can keep you from forgetting important things, like turning on the utilities in your new home. Youll want to make your own list of things to be done, but you can start with the suggestions...
- Handy Tips to Make Moving Go Smoothly
Im not sure how many times Ive moved in my life. I should pause for a moment and try to count…at least fifteen, maybe more. Some during childhood, some as an adventurous teen and a few – including a...
- Moving Resource To Take The Hassle Out Of Moving
New easy to use Web site provides support, information to walk consumers through the moving process; site offers resources to online communications, utility orders; mortgage and insurance quotes, and more....
- Moving Dilemmas Consider Storage Facilities
Over the years people unconsciously acquire things. The clutter or excessive furniture, object d art, or books only get noticed when it is time to move. Then you have to find an answer to the problem....
- 7 Things to Know Before Renting a One Way Truck
If you are about to buy a house that is a long distance away, you may have wondered the best way to get all of your stuff there. One of the best ways is to use one way truck rentals, this will allow you...
- 10 Ways To Identify If Your Mover Is Right For You
If you manage to find the right mover then half the battle is won. One of the greatest challenges of moving from one city to another, to the countryside, or abroad is locating an efficient and honest mover....
- Are You Thinking About Moving to a Small Town?
One of the fun things about midlife is we often have the opportunity to move for the first time in a long time. Maybe the kids have finally left home, or youre retiring from a job or career, or planning...
- Tips for Moving to Another Country
BE SURE - Moving can be extremely stressful, be as certain as you can be that its the right move for you before you go. If possible visit the country before you make up your mind, dont rely on other...
- Moving Truck Rentals
Moving to a new house or office is a challenging task, especially if you are moving to another state. Moving truck rentals, if you get a good bargain, can make the whole process easier and help you cut...
- An Introduction To Truck Rentals
To move your belongings to a new house situated a long distance away from your previous one, you can utilize the services of one-way truck rentals. You can rent a truck in the area from which you are moving,...
- Ten Moving Tips
These moving tips may include a few things you hadnt thought of, or things you just need to be reminded of. Forget that safe deposit box, for example, and you may have to drive a long way to get at it....
- Moving Truck Rentals
Moving to a new house or office is a challenging task, especially if you are moving to another state. Moving truck rentals, if you get a good bargain, can make the whole process easier and help you cut...
|
