Tax Implications

If you are relocating as a result of a new job or job relocation, keep all of your receipts because you may be able to deduct your expenses from your taxes. Figuring out whether your move is deductible can be a little tricky, but here are some tips to help you figure it out.

 

Time Limitations:

You may qualify to deduct your moving expenses from your taxes if you worked at least 39 weeks within the 12 months after your relocation. This is true even if your move was not work-related, as long as you did in fact have a full-time job during the 12-month period. Once the 12 months has passed you may no longer deduct your moving costs from your taxes, unless you have reasons of death, disability or involuntary separation.

 

Which expenses are deductible?

• Moving expenses for household goods and personal effects.
• Necessary lodging en route to your new location.
• Storage of household items (no longer than 30 days).