Moving Expenses

外汇网2021-06-19 14:18:01 136

Potentially tax-deductible expenses that are incurred when an inpidual 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, inpiduals 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.

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.

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