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eTax.com Tax Write Off for Moving
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Relocating for a new job position is becoming more common than ever. At tax time, you may be able to deduct some costs you incur from moving. Moving expenses have to be related to a new job in order to qualify for a tax deduction.
In order to deduct expenses for relocating, you have to meet certain requirements set forth by the IRS.
The new work position must be 50 miles or more from your previous home then you originally traveled to your previous job. So, if you use to travel ten miles to work from your home, your new job site has to be at least 60 miles from your original home in order to deduct the expense.
There’s also a time frame for the deduction. In order to claim expenses incurred while moving, you must do so within one year of the date you report to your new job.
You also have to work fulltime hours for a minimum of 39 weeks during your first year as an employee of the new job in order to qualify for deduction.
Relocating for a new job position is becoming more common than ever. At tax time, you may be able to deduct some costs you incur from moving. Moving expenses have to be related to a new job in order to qualify for a tax deduction.
In order to deduct expenses for relocating, you have to meet certain requirements set forth by the IRS.
The new work position must be 50 miles or more from your previous home then you originally traveled to your previous job. So, if you use to travel ten miles to work from your home, your new job site has to be at least 60 miles from your original home in order to deduct the expense.
There’s also a time frame for the deduction. In order to claim expenses incurred while moving, you must do so within one year of the date you report to your new job.
You also have to work fulltime hours for a minimum of 39 weeks during your first year as an employee of the new job in order to qualify for deduction.
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