Ask a Humboldt Storage & Moving Expert : Are My Moving Expenses Deductible?
If your relocation was brought on by a new job or if you changed jobs during the process, you might be eligible for a tax break! If your relocation meets the 3 simple requirements laid out by the IRS, your moving expenses can be claimed as a deduction when you file your taxes.
- Distance Test- If your new workplace is at least 50 miles further from your old home than your old workplace. For example, if your old workplace was 5 miles away from your old home, your new workplace must be at least 55 miles from that same residence.
- Time Test- You must work full time at least 39 weeks during the 12 months following your move. If you are self employed, you must work full time for the same 39 weeks plus you must also work at least 78 weeks during the first 24 months after your move.
- Cost Test- Your cost for the relocation must be reasonable and typical.
** If you relocation was paid for by your company, visit your HR department as tax ramification may still apply.
In addition to the cost of the move, you may also be eligible for other possible moving related expenses. Other possible deductions include:
- Moving, packing and crating of household goods
- Storage expenses (In-transit, 30 days before or after move, or on International moves)
- Traveling to your new home (lodging included, but not meals)
- Parking Fees
- Moving expenses for you and your household
- Transporting Pets
- Shipping a vehicle
Below you will find the proper IRS forms needed to file for your Moving Expenses tax deductions:
f3903 Moving Expenses Form
Publication 521 (2015), Moving Expenses
For a more detailed outline on deductible moving expenses or up-to-date tax information visit: IRS.gov