Can You Write Off Your Moving Expenses? YES,

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Spring is here, and there are two things that are you can count on this time of year: flowers blooming and taxes looming.

If you're thinking of putting your home up for sale, call me--and then call your accountant. You might be surprised to learn that some of your moving expenses might be tax deductible!

Here are a few of the requirements: 

  • Your new job or job transfer is at least 50 miles farther from your home than the old house was.  
  • You had no previous job and the new one is at least 50 miles from your old house.
  • Your move makes your commute shorter than it was prior to the move
  • You are in the armed forces and had a permanent change of station
  • You’re working full-time (you expect to work at least 39 weeks out of the next 12 months).
  • You incur expenses within one year from the day you reported to work at your new job.  The required length of time is waived in cases of a new job for members of the armed forces, those transferred by an employer, those who lost a job through no fault of their own, and those returning to the United States from abroad when they retire (or their survivors).

Qualified deductions include:

  • Packing and transporting household goods l Mileage for use of your own car (or gas and oil expenses) l Tolls and parking fees on the trip l Up to 30 days' storage of household goods
  • Disconnecting and connecting utilities l Transportation and lodging for yourself and members of your household while traveling to the new home.

No longer allowable:

  • $3,000 more for up to 30 days’ temporary living expenses
  • House hunting trips
  • Costs of selling or buying a home.

If you'd like more information about making your move, give me a call. I'm happy to share what I know about real estate, especially concering this wild and crazy East Bay market.