Paul Wannemacher, Resident Financial Planner
@PaulWannemacher
You can only dedeuct moving expenses if you had to relocate for job or business start up reasons. You must meet a distance test of 50 miles between your old and new employer location, then you have to work 39 weeks at the new location out of that first year if you're employed or 78 weeks out of the first 2 years if self-employed. The expenses you incure within that first year of relocation, related to the move itself, are what's generally deductible. Some examples of expenses you can deduct (these aren't comprehensive):
- packing & moving your belongings
- unconnecting and reconnecting utilities
- shipping your vehicles and pets
- travel to the new home for the move itself
Here's a link to the IRS Pub to learn more: https://www.irs.gov/publications/p521/ar02.html#en_US_2015_publink1000203491
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