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9/22/2014

Moving Expenses Deductable?

 Are Moving Expenses Tax-Deductible?
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  If you are qualified, you may deduct the expenses of:

  • Tolls and parking fees on the trip.

  • Up to 30 days storage of household goods.

  • Disconnecting and connecting utilities.

  • Packing and transporting household goods.

  • Mileage for use of your own car (or gas and expenses).

  • Transportation and lodging for yourself and members of your household while traveling to the new home.

Not all moves are tax deductible. In order to deduct your moving expenses, you have to meet two tests:

Time - You must begin working as a full-time employee within 13 weeks of your move, and you must work at least 39 weeks during the 12 months after your move. It doesn't matter whether you were transferred by your employer or you took a brand new job.

Distance - To meet this test, your new job has to be at least 50 miles further from your old home than your old job was. If you didn't have a job before the move, your new job has to be at least 50 miles from your old home.

Consult a tax advisor to see if you qualify.

 
Information Provided By:

LOPhoto

Caroline Gerardo
Senior Loan Officer
NMLS #324982
Cell 949-637-8190
Office 949-784-9699
eFax 855-883-4303
CarolineGerardo@eaglehm.com
www.eaglehomemortgage.com/carolinegerardo
Committed to Seeing You Home.
Eagle Home Mortgage
8105 Irvine Center Drive Suite #500
Irvine CA 92618
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NMLS #849059 CA #813I609 Universal American Mortgage Company of California, dba Eagle Home Mortgage of California. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130383, NMLS #252392. Certain restrictions apply. This is not a commitment to lend. Applicants must qualify.

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