We get a lot of great questions here at Humboldt Storage and Moving. One that comes up quite a bit with our expert Humboldt movers and one we see on the web is: Are moving expenses tax deductible? The short answer is yes. But…It all depends. How’s that for an answer? As with anything related to taxes and legal matters, it all depends on your personal situation. Jim and I discussed this recently at our office in the video below but here are a few quick items to think about; Research: Check the tax laws on moving (www.irs.gov) and see what qualifies you for deductions. Keep in mind that using a professional moving company may be a possible deduction. Document everything: Keep all the receipts you can that relate to moving—basically any evidence that the big move took place and show just how much you spent. Meals, lodging, packing, and moving expenses should be well documented. The distance of the move and even the time spent in the original location can also qualify you for deductions in certain cases. Reasons: Be sure to look for deductible reasons behind the move—for example, check if relocating for work qualifies. Here are a couple links to the IRS topics; http://www.irs.gov/uac/Can-I-Deduct-My-Moving-Expenses%3F http://www.irs.gov/uac/Publication-521,-Moving-Expenses Do your homework and keep track of your moving expenses—it might just save you some money in the end. For more details, watch this new video from Jim and I.
Are Moving Expenses Tax Deductable? Tax Deductions and Moving