Moving Expenses
Potentially tax-deductible expenses that are incurred when an individual and his or her family relocates for a new job or due to the location transfer of an existing job. After certain baseline criteria are met for time and distance, individuals can deduct qualifying expenses for roughly one year after beginning the new job
Basic categories of qualifying expenses include costs to pack and ship personal possessions, temporary storage fees and transportation costs. Investopedia Says:
The key phrase to consider (at least in the eyes of the IRS) is "reasonable costs" for moving yourself and your property. These costs include a moving van, storage unit and temporary insurance used in travel. Some expenses that are generally not deductible include house-hunting trips, meals during the move and the costs involved in selling an existing home.
People wishing to claim these deductions should keep good documentation of all potentially qualified expenses. Related Terms:
Convention Expenses
Deduction
Expense
Gas Guzzler Tax
Home Office Expense
Household Expenses
Itemized Deduction
Job Hunting Expenses
Taxes
Write-Off |