Is Your Move Tax Deductible?

Moving is expensive, but you may be able find relief come tax time. Yes, basic moving expenses are tax deductible under certain circumstances. Who can deduct To qualify the IRS requires that the move be related to starting a new job or business and that it passes two tests: the time test and the
\
distance test. In their simplest form the three requirements to qualify for a moving deduction are: - The move was related to starting a new job or business - You work full-time at the new job or business (time test) - The new job or business is at least 50 miles farther from your old house than your old job was (distance test) -OR- - You are a member of the armed forces and your move was due to a military order and permanent change of station (no distance or time tests required) What’s

deductible “Reasonable expenses, defined as: - The cost of moving your personal belongings (movers, truck rental) - The cost of moving yourself (travel/transportation costs such as gas/mileage, lodging, etc. Meals not included) Notes: - Meals are never tax deductible in relation to moving - You cannot deduct any moving expenses that were or will be reimbursed by your employer - “Reasonable

expenses” do not include those for side trips along the way or extra stops for sight-seeing/vacationing, etc. For additional information and specifics you can visit the IRS directly at: http://www.irs.gov/taxtopics/tc455.html http://www.irs.gov/publications/p521/ar02.html#en_US_2012_publink1000203491

•