Relocation Financing Move Transfer

Did you know that under some circumstances your relocation costs to another city may be tax deductible? Yes, its true.

Here's when you can deduct and when you can't. First of all you have to be moving in order to take a new job. You cannot deduct the costs of the move, including packaging and preparation, if your new employer will be reimbursing the cost of the move. You can deduct expenses that exceed what your employer pays.

Also you have to move more than 50 miles from your old home than the distance between your old home and your old job. If your commute to your new job is at least 50 miles further than your previous commute (75 miles vs 25 miles) then you can deduct.