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Relocating for Business? Don’t Overlook These Tax Deductions

November 21, 2016

Are you moving due to a change in your job or business location? If so, you may be able to deduct your moving expenses (excluding meal costs). Here’s how:

To deduct moving expenses, there are three requirements your expenses must meet:

  1. Your move and related moving expenses must occur within one year of the date you start work at a new job location.

  2. Your new job location must be at least 50 miles farther from your old home than your previous job location.

  3. After moving, you must work full-time at your new job for at least 39 weeks in the first year. For self-employed individuals, you must work full-time for a total of at least 78 weeks during the first two years at your new job site.

If you meet the three requirements above, consider these “Do’s” and “Don’ts” when you claim moving expense deductions:

  • DO deduct transportation and lodging expenses for yourself and household members while moving from your old home to your new home.

  • DO deduct the cost of packing, crating and shipping your items.

  • DO deduct the cost of connecting or disconnecting utilities.

  • DO NOT deduct your travel meal costs.

  • DO NOT deduct any portion of the purchase price of your new home.

In addition, if your employer pays you for the cost of a move that you have deducted on your tax return, you may need to include the payment as income by reporting it on your tax return in the year you get the payment.

If you have questions about how a job or business relocation will impact your tax situation, please contact our firm.

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