Are Moving Expenses Tax-Deductible? |
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If you are
qualified, you may deduct the expenses
of:
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Tolls and parking fees on the
trip.
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Up to 30 days storage of
household goods.
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Disconnecting and connecting
utilities.
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Packing and transporting
household goods.
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Mileage for use of your own car
(or gas and
expenses).
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Transportation and lodging for
yourself and members of your
household while traveling to the new
home.
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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.
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Information Provided
By:
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Caroline Gerardo
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Senior Loan Officer
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NMLS #324982
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Cell
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949-637-8190
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Office
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949-784-9699
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eFax
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855-883-4303
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CarolineGerardo@eaglehm.com
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www.eaglehomemortgage.com/carolinegerardo
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Committed to Seeing You Home.
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Eagle Home Mortgage
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8105 Irvine Center Drive Suite #500
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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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