September 24, 2006

Moving May Mean a Tax Break

Moving May Also Be A Tax Break

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If you relocate for employment purposes, you may be able to deduct some of your moving expenses.

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The new job, however, must be at least 50 miles farther from your old home than the distance between your old job and your old home. (The location of your new home is not considered.) In addition, you must report to work at the new location within one year of incurring the moving expenses.

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Save those receipts! If you meet these tests, you can deduct the cost of moving household goods and the direct cost of moving you and your family.

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Eat light, though, meals are not deductible. For detailed information, see IRS Publication 521, "Moving Expenses," available in print or online at http://www.irs.gov

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