Moving Guide

Taxes

Taxes

If the move is due to a new job or relocation, then some or all of your moving expenses may be tax-deductible, so hold on to every receipt related to the move. You might want to keep a detailed log of all move-related expenses as many things, including a pre-move trip to scope out your new home to long distance phone calls, may be tax-deductible. Though eligibility varies, generally, the cost of moving yourself, your family and your belongings is tax deductible, even if you don’t itemize other expenses. In order to take the deduction, your move must be related to your employment, it must be more than 50 miles away from your current residence, and you must be at your new home for at least 39 weeks during the first 12 months after your arrival.

Always consult a tax expert regarding IRS rules relating to moving, as well as the IRS website - http://www.irs.gov .