What expenses are deductible as moving expenses?

What expenses are deductible as moving expenses?

You may be able to deduct moving expenses whether you are self-employed or an employee. Your expenses generally must be related to starting work at your new job location. However, certain retirees and survivors may qualify to claim the deduction even though they are not starting work at a new job location

Only two categories of direct moving costs paid or incurred that are attributable to the taxpayer and the members of his household are deductible:

• costs of moving goods and personal effects; and

• traveling costs (including lodging but not meals) for the taxpayer’s household.

 

For 2012, the standard mileage rate for using your vehicle to move to a new home is 23 cents per mile. Considering a Tax Professional? For no obligation free consultation contact us today!

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200 Toll Free866-936-0430

http://www.abataxaccounting.com

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Published in: on February 9, 2013 at 6:20 pm  Leave a Comment  
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