Moving Expenses Tax Deduction :? What, AOS Deductible and non-deductible

Moving Expenses Tax Deduction :? What, AOS Deductible and non-deductible -

Have you moved because of a change in the workplace last year

in this tough economy, many Americans travel to find work. They can offset some of the costs of packaging for greener pastures by taking a tax deduction for moving expenses.

It, AOS significant to know what you, Äôll be able to deduct before you move so you do nondeductible expenses as much as possible, and keep good records of expenses you can deduct.

changes to tax legislation for moving expenses

rules for moving expenses are much less generous than they were in years past, however. In years past, you can deduct the cost of a trip to the chase. That, AOS went by the wayside

. You can not deduct meals during a move. If you drive a moving truck across the country with family, all restaurant meals are not deductible.

If your employer reimburses you for non-deductible expenses such as meals, you may have to pay tax on the reimbursement.

deductible moving expenses

If you move more than 50 miles to work, and you or your spouse worked at least 39 weeks in your new location (78 weeks if you are self-employed) you can generally deduct moving expenses following:

• automobile expenses, using either actual expenses or the standard rate for moving (23 cents per mile in 2012)
• parking and toll
• Housing during the move
• cost for moving household goods and personal items
• transit charges and foreign storage-move
• a journey through your household
• Accommodation en route, including one day at the old location and one day at the new location

nondeductible moving expenses

You can not deduct:

• costs of additional vehicle, such as general repairs, maintenance, insurance, and depreciation
• travel costs House-hunting, or other travel exceeds a trip in your household
• settlement costs to your new home, including car tags, dog licenses, driver license, OSA, or fresh club
• security deposits lost in the old house
• the cost of breaking a lease at the old house
• in the cost of sales of the old house and buy a new one, including closing costs, mortgage costs, and points
• Loss on sale of the old home
• lost memberships and so on at the old location
• Back travels to resolve cases in the old house
• meals during movement
• storage for a long period of time after the move
• All expenses for which you take a business deduction
• additional costs for tourism, or the extra expense to take a roundabout scenic route.
• Fix-up costs to the old house

has state of the economy has influenced your decision to move to take a new job?

photo credit: Mpopp via photopin cc

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