Did you know moving expenses can be tax deductible? Find out if your expenses qualify by reading this post.
The U.S. is a mobile society, and a move related to new employment is not uncommon. In fact, the tax code gives a tax benefit for moving expenses if certain conditions are met. Read on to see if you qualify for the moving expense deduction and calculate how much you may save.
IRS Moving Expense Deductions Updated for Tax Year 2015 OVERVIEW Federal tax laws allow you to deduct your moving expenses if your relocation relates to starting a new job or a transfer to a new location for your present employer. To qualify for the deduction, your new work location must be a sufficient distance from your old home and you must begin working shortly after you arrive.