Write Off Your Moving Expenses
Moving expenses are tax deductible if:
l Your new job or job transfer is at least 50 miles farther from your home than the old house was. l you had no previous job, the new one has to be at least 50 miles from your old house. l your move makes your commute shorter than it was prior to the move. l If you are in the armed forces and had a permanent change of station. l If you’re working full-time (you expect to work at least 39 weeks out of the next 12 months). l If you incur expenses within one year from the day you reported to work at your new job.
The required length of time is waived in cases of a new job for members of the armed forces, those transferred by an employer, those who lost a job through no fault of their own, and those returning to the United States from abroad when they retire (or their survivors).
Qualified deductions include
l Packing and transporting household goods l Mileage for use of your own car (or gas and oil expenses) l Tolls and parking fees on the trip l Up to 30 days' storage of household goods
l Disconnecting and connecting utilities l Transportation and lodging for yourself and members of your household while traveling to the new home. No longer allowable: $3,000 more for up to 30 days’ temporary living expenses, house hunting trips and costs of selling or buying a home.
Call me for more information whether Buying or Selling a Home.. Elaine Fine, 954-850-3015
It's all about YOU!!!!