Moved last year for work? A tax deduction may be available to you. With the start of tax season around the corner, this may offer you a significant deduction. The IRS allows you to deduct moving expenses, if you meet these requirements:
- Your move is close to your start date for work.
- Your former home was at least 50 miles away from your new job.
- You must be a full-time employee of at least 39 hours a week.
If you are a member of the Armed Forces and moved because of a PCS (Permanent Change of Station) or military order, you do not have to meet the distance or time requirements.
So, dig out those receipts when you are preparing your taxes or meeting with your accountant. If your company paid for a portion of the relocation, you may not be eligible for the deduction. However, that will be question for a CPA.
Here are some links to some great resources: