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807 Shorter Ave Rome, GA 30165      706-232-1112     
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Is Your Move Tax Deductible?

February 5, 2013 4:13 pm

Moving is expensive but if your move is job related and your company isn't paying for the move then you may be able to recoup some of your expenses at tax time.

To meet the requirements see if any these apply to you:

  • Does your new job add 50 miles or more to your commute from your present home?
  • Are you moving within 1 year of starting your new job?

If you answered yes to both questions above then you probably qualify, if you answered no to either then you may still qualify but will need to research further.

Expenses that may be deducted if you qualify:

  • Moving company charges.
  • Storage charges (30 days).
  • Traveling expenses such as hotel, air, and car rental (meals aren't deductible).
  • If you drive your own car then you can either deduct the standard 14 cents a mile or itemize expenses (gas, oil, tolls, parking, etc.) but you must keep records of these. Utility connect and disconnect fees.

Items that are not deductible:

  • Scheduled maintenance and repairs, insurance, depreciation, licensing and registration for your car are not deductible.
  • Cost of your new home.
  • Loss you had in selling your home.
  • Remodeling of your home.
  • Temporary housing.

For additional information get IRS Publication 521: "Moving Expenses", Use Form 3903 to report these expenses.

As always, if you have questions or need more information on real estate matters, please let us know.

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