June 27, 2008, Newsletter Issue #122: Moving Expense Deductibles

Tip of the Week

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.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Not finding the advice and tips you need on this Taxes Tip Site? Request a Tip Now!

Guru Spotlight
Mary White