What Moving Expenses Are Taxable?
The tax laws surrounding moving services and moving expenses, as with any tax law, are quite complex. Generally speaking, there are certain moving expenses that are always taxable while others can qualify as tax deductible. However, there are a variety of stipulations that must be met in order for that to be the case.
You must first begin by determining if your move will be considered a “qualified move” by the IRS. In order to fall under this categorization, the following stipulations must be met:
- The relocation must be closely related to the start of a new job, both in time and place.
- The distance between your new job and your old residence must be 50 miles greater than the distance from your old residence and your old job.
- You must work full time for at least 39 weeks out of the 12 month period following the move.
If your relocation is determined to be a “qualified move,” certain expenses may be eligible for tax deduction. These “non-taxable” moving expenses must be reasonable based on the circumstances surrounding the relocation, and can include:
- Transportation of household items and personal effects
- In-transit storage of household items and personal effects
- Costs of moving automobiles and pets
- Travel expenses for the employee and household members, which includes lodging and gas but not meals
- Other expenses including house-hunting expenses, temporary living, car rental, and more
One way to save yourself even more money is to hire a reliable moving company. For that, you can simply turn to Atlantic Relocation Systems. Our movers are experienced in handling all types of items and they will be supervised by a moving coordinator who will make sure everything stays on schedule. Best of all, you won’t have to worry about any nefarious price-gouging from us, because our quotes include an explicit not-to-exceed price.
To schedule your free moving estimate, contact Atlantic Relocation Systems today.
