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 site to learn more about the topic.

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