Which Moving Expenses Are Tax Deductible?
Let’s talk about the most satisfying aspect of moving: Taking it off your taxes. After this difficult and uprooting process, what could be more gratifying than to recoup some of the expense?
Sadly, not everyone can deduct moving expenses. But if you meet one of these situations, you’re in luck:
Job-Related Moving Expenses May Be Tax Deductible
If your move is related to getting a new job, you may be able to deduct moving expenses.
- Your new job location must be 50 miles or more from your old home, and less than 50 miles from your new home.
- You must start the job within one year of the move (with some exceptions).
- You must work full-time 39 weeks of the 52 weeks after your move.
Business-Related Moving Expenses May Be Tax Deductible
If you own your own business or are starting one, the requirements are much the same as for job-related moves.
- You must work 39 weeks of the first 52 weeks after your move, or 78 weeks during the first 24 months.
Active-Duty Armed Forces Can Deduct Moving Expenses
If you are a member of the armed forces and on active duty, you may be able to deduct moving expenses the military doesn’t reimburse. A move to your first post or from one permanent post to another may qualify, and moving expenses of your spouse and dependents may be deductible too.
See Related: Few Moves Announces 10% Military Discount
Some Who Are Returning to the U.S. May Deduct Moving Expenses
Those who worked overseas and are now retiring and moving back to the U.S. may find their moving expenses are tax deductible.
If your spouse, parent, or dependent was working overseas and died, you may be able to deduct moving expenses if you move within 6 months of their death.
To be sure you qualify for these deductions, ask a tax professional or visit www.irs.gov for more details.
How to Deduct Moving Expenses if You Qualify
Keep careful records when you move and preparing tax deductions for your moving expense will be a breeze. Get receipts for these expenses during your move:
- Gas and oil
- Cost of a rental truck
- Lodging near your old home for one night
- Plane tickets to your new home
- Costs to transport your pets
- Packing materials
- Moving insurance
- Storage and insurance costs for 30 days
- Cost of moving your vehicle to your new home
- Costs of connecting and disconnecting your utilities due to moving
Although Not Every Moving Expense is Tax Deductible
Do not try to deduct:
- Gas, tolls, or mileage for side trips you make while traveling during your move
- Hotels as a result of side trips
- Meals related to moving
- Costs for delivering new furniture
- Expenses covered by your employer
Few Moves Moving Company will provide you with the receipts you need to deduct your moving expenses from your taxes.
Because Few Moves is a full-service moving company, we can handle all your moving needs. For help with planning, packing and unpacking, supplies, loading and unloading, and other services, call Few Moves today at (919) 999-6201 in Raleigh or (910) 512-6999 in Wilmington, or request a quote online.