Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Tax Deductions and other Taxes topics.
Did you recently move because of a new job? Generally speaking, (1) if you move within a year of starting a new job, (2) if your new home is closer to your new place of employment than your old home, and (3) if your new home is at least 50 miles away from your old home you can claim some or all of your moving expenses among your personal tax deductions. Allowable expenses include those to move and store for up 30 days the contents of your home, as well as the costs of traveling to your new home, including lodging—but not including meals. So pack a cooler! There are other obscure criteria that you need to meet in order to claim moving expenses among your federal tax deductions. To make sure your expenses qualify, use the IRS interactive tool called Tax Trails - Are you Eligible to Deduct Moving Expenses. The interactive guide will prompt you to answer simple questions that the program then uses to advise you on whether or not you can deduct the expenses.
|Sheri Ann Richerson|