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Moving for work? You may qualify for some tax breaks!

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Tuesday, March 26, 2013

Author: Evan Steed

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Tags: Moving Tips

Moving expenses can be tax deductible

Moving for work tax deductionWe’re not going to sugarcoat it: moving can be a pain. While it’s our business to make the experience as effortless as possible, there are a lot of issues to contend with. But if your move is due to a change in your employment, you may be due back some cash, courtesy of Uncle Sam. So in the spirit of the season, here are a few tips to get a little back in your pocket when tax season rolls around.

If you’ve moved in the last year because of a change in jobs or you’ve moved the location of your business (including starting a new job or business) you may be able to deduct those moving expenses on your tax form. Sorry, meal expenses aren’t covered.

Forms

First off, your moving expenses get figured on Form 3903, and are deducted as an adjustment to your reported income on Form 1040.

Of course, if your employer already reimburses you for your moving-related expenses, sorry, Bub, but the IRS doesn’t like double-dippers.

Qualifiers

To qualify for the deduction, there are two catches. First, if you are an employee, you must have worked full-time for at least 39 weeks during the first 12 months immediately following your arrival in the general area of your new job. If you are a business owner or self-employed, you must have worked full-time for at least 39 weeks during the first 12 months and for a total of at least 78 weeks during the first 24 months immediately following your arrival to the new job location.

There are exceptions to these rules, however, in the case of death disability, and involuntary separation.

The second catch is that your new workplace must be at least 50 miles farther from your old home than your old job location was from your old home.

If you previously worked from home, your new job location must be at least 50 miles from your old home.

However, if you are a member of the armed forces and your move was the result of a military order and a permanent station assignment, you are exempt from both of these exceptions.

To get more information on what’s deductible and non-deductible when it comes to relocating, check out Publication 521, Moving Expenses.

As always, we remain committed to helping you make the most out your move with the least hassle. Stay tuned to the Meathead Movers blog for more moving-related tips to make your relocation even more beneficial!

Friendly Disclaimer: We are Meatheads, not accountants. Accordingly, we strongly encourage you to take our advice with a grain of salt and recommend consulting a tax professional before acting upon any of our tax deduction suggestions.


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