Would it not be nice to subtract your moving expenses from your taxes?
You potentially could if you are moving because of work. These deductions include the cost of hiring a professional moving company.
Obviously you cannot subtract the entire expense of your move from your taxes. You need to research what you may be eligible for.
UF Mover Guys has provided a checklist of where to begin your search. Following our advice can help you deduct heavy moving costs from your taxes to help you reduce the amount you have to pay and increase the amount you get back.
The two factors that determine whether you can subtract moving expenses from your taxes are time and distance.
You need to have worked for a minimum of 39 weeks after you have changed locations to be eligible. You are only eligible for a deduction if the move is solely for the purpose of business relocation.
Moving to deal with the death of a family member or to be closer to a family member due to medical issues does not warrant a tax deduction. Also, divorce and other forms of involuntary separation do not count either.
The second criteria is the new workplace needs to be at least 50 miles from where you previously lived in order for it to count. You cannot merely pack up your possessions and buy a house a few blocks down the road.
As long as you pass these two tests, you should be good to go. If you have satisfied these two requirements then you have several types of deductions you can make for the move.
These deductions include the cost of you and your family’s trip to your new residence. The trip counts as a moving expense because you are investigating where to buy a house and the neighborhood.
The cost of moving your belongings from a storage unit and the cost to connect or disconnect utilities is also covered by the deductions. These deductions apply to both your current and new homes.
You can also subtract the cost of shipping a boat or vehicle. You likely can deduct the cost of moving other business material as well as the cost of packing and unpacking.
In most cases, you have 30 days to deduct the cost of using a storage unit or locker. If you miss the 30-day mark, however, you will have to pay for it yourself.