Tax Tip of the Week
900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 ·
215.563.0276 ·
Fax: 856.667.3652
For the week of
May 1, 2000
Deduct your moving expenses
If you are moving because of a new job location, you may be
able to get a tax deduction for your moving expenses.
To qualify for a tax deduction, your new job location must be fifty miles further from your old home than the distance
from your old home to your old job. In other words, if your commute would be increased by fifty miles or more from
your old house, you have met the distance test.
In addition to the distance test, you must meet a length-of-employment and commencement-of-work test. During the
twelve months following the move, you must have been employed full time for at least 39 weeks. Self-employed people
have slightly different rules. The work test is waived if you have certain family or job misfortunes.
Keep written documentation for:
- Travel and lodging costs related to moving from the old to the new home. (Sorry, meals are not deductible.)
- Cost of moving your household items and personal goods.
If you are in doubt as to what is a deductible moving expense, keep track of everything connected with moving your household, and we will assist you at tax time. Please give us a call. We are here to see that you pay no more tax than the law requires.
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