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Health & Fitness

Moving & Tax Deductions

Moving expenses from your recent move may qualify as tax deductions!

These days it is never a bad idea to reach out to your accountant or conduct a little research to see what can and cannot be deducted on your upcoming taxes! It turns out in many situations, moving may qualify as a deductible expense.  These guidelines below may help determine whether or not your move may factor into your taxes, keep in mind we are the Moving Pros, and these guidelines may or may not apply to every situation. 

Often times a move will be due to a new job opportunity, or a position relocation.  If your move is closely related to the start date of a new position, it may be eligible to be used as a tax deduction.  Typically restrictions based on full-time status, distance and also the amount of time following your move that you are employed- all factor in to the tax deduction eligibility. 

Items such as lodging during your move, temporary moving arrangements, transportation of your items, cars and pets, in addition to packing, storing and unpacking costs – can all factor into your deduction.  If you are planning a move be sure to keep an organized list of expenses so that you are able to review when it is tax time!   Certain things will not qualify for a deduction, such as any meals related to your move, your change of address and subsequent license or ID update, any vehicle registration changes and nothing related to the price of your new residence.  If your employer reimburses you for any expenses related to your move, it is important to keep track of that as well-  On your tax return it will count as income!

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2012  taxes are already in the books for most of us, and if you didn’t know the potential deductions exist, or if you haven’t met the requirements- you can either file an amendment or speak with your tax preparer about including them on the next years’ taxes.  

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