Thursday, January 28, 2010
Are Moving Expenses Tax Deductible?
It turns out you may be able to deduct your moving expenses if you:
- moved due to a change in your job or business location
- moved because you started a new job or business
You need to satisfy two conditions in order for your moving expenses to be tax deductible:
1. Your new job must be at least 50 miles away from your old home
2. You must work at your job full-time for at least 39 weeks during the first year right after you move.
Those conditions however don’t apply to members of the armed forces who moved due to a permanent change of station.
If your moving expenses were reimbursed by your employer, you can no longer deduct them.
Visit the IRS.gov site to learn more about the topic.