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Cost of Moving: Deducting moving expenses

It is important to write down all of your moving expenses.

It is important to write down all of your moving expenses.

If you are planning on moving, it could benefit you significantly to keep track of all of your moving expenses. You may not immediately think about it, but there are many purchases that can be considered tax deductible, and would make moving a lot less expensive and stressful.

While you may not be able to deduct meals, the Internal Revenue Service notes that if your new job is 50 miles farther from your old home than your last place of employment, you will be able to deduct moving expenses. In addition, this needs to be coupled with working full-time for 39 weeks out of the first year, starting when you arrive at your new location. This then must continue for 78 weeks of the first two years. However, if something occurs that is out of your control, such as a disability, exceptions may be made.

Packing boxes and transporting your goods can be written off as deductible expenses. Even if you have a moving company transporting your items, anything that you bring on your own will be included in this. Furthermore, if you have to ship a car or a pet, this would also be deductible.

You should note that if your place of work gives you reimbursements for certain aspects of moving, you won't be eligible to write those expenses off, as you have already been compensated for them.

These deductions are only some of what you can consider to write-off when doing your taxes. In order to find out what the full details of tax deductions for moving are, get Form 3903 when filling your tax return. Look over all IRS paperwork to maximize deductions.