There are a lot of expenses inherent to the relocation process. These expenses are, however, tax deductible in certain scenarios. You can deduct moving expenses if you are moving for the following reasons:
- You are a retiree moving from another country
- You are a member of the army relocating due to military adjustment
- You are moving in order to start a new job
- AND you work full time for at least 39 weeks during the first 12 months after your move
- AND the distance between your new home and old home is at least 50 miles more than the distance between your old house and old job (i.e. if you were to commute from your old house to your new job, it would be 50 miles further than your old commute).
You can claim moving expenses on your taxes if the expenses exceed moving reimbursements from your company.
Here are examples of moving expenses that you can deduct from your taxes:
- Transportation and labor
- Packing and unpacking
- Storage in Transit charges (but only up to 30 days)
- Shipping your car or boat
- Lodging for your family during travel to your new home
Talk to a tax consultant about the specifics of deducting these expenses. The forms for deducting these expenses are: