August 23, 2007
The IRS wants to help you move
Heeding the call of the Carolinas or maybe Arizona? The weather's warmer, the cost of living is lower and the IRS wants you to know that moving expenses are tax deductible. Anyone who was transferred or recently relocated to take a new job is eligible for the tax break as long as a few requirements are met. Short moves for part-time jobs don't count. But if your new workplace is at least 50 miles farther from your former home than your previous workplace, you're in. For example, if your old workplace was five miles from your old house, your new job must be 55 miles from your old home. According to the IRS, any "reasonable moving expenses" are deductible, including the cost of moving household goods. Travel expenses, including lodging, may also be deducted. Meals eaten in transit are not deductible, and neither is any part of the purchase price of a new home, and expenses covered by a reimbursement from an employer are not deductible.
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