Can You Claim Moving Expenses on Your Taxes?

When you’re looking for ways to cut costs you might be wondering, “Can you claim moving expenses on your taxes?”  

This is a great question, but, like most things related to taxes, the answer is a bit complicated. The short answer is yes, the IRS does offer tax deductions for certain moving expenses. However, the rules can be complex and only certain moving circumstances qualify for a tax break. Moving can be expensive, which leaves many of us looking for ways to save at every step of the process. This blog will help you understand if you qualify for a moving expense deduction and how to claim it.

Who Qualifies for a Moving Expense Deduction?

To be eligible for a moving expense deduction, you must meet the following criteria:

• Job-related move: You must move to a new location due to a job change or a transfer within your current company.

• Distance requirement: The new job location must be at least 50 miles farther from your former home than your previous job location.

• Time requirement: You must work full-time at the new location for at least 39 weeks during the first 12 months after you move.

What Expenses Can You Deduct?

If you meet the above criteria, you can deduct the following moving expenses:

• Transportation costs: This includes the cost of moving your household goods and personal belongings to your new home.

• Lodging costs: This includes the cost of temporary lodging for up to 30 days while you are in transit to your new home.

• Travel costs: This includes the cost of traveling to your new home, such as airfare, bus fares, or train tickets.

Important Note: You cannot deduct the cost of meals or incidental expenses related to your move.

How to Claim a Moving Expense Deduction

To claim a moving expense deduction, you must complete Form 3903, Moving Expenses. This form must be attached to your federal income tax return.

Additional Tips:

• Keep detailed records: Be sure to keep detailed records of all your moving expenses, including receipts and invoices.

• Consult with a tax professional: If you have any questions about whether you qualify for a moving expense deduction or how to claim it, consult with a tax professional.

Make Your Move Easier with Bailey’s Moving and Storage

While claiming moving expenses on your taxes may not be possible for everyone, moving happens to all of us at some point or another. At Bailey's Moving and Storage, we understand that moving can be a stressful experience. That's why we're committed to providing tailored moving solutions to help ease the burden.

Ready to get started? Contact us today for a free moving quote or visit our blog for more helpful tips on moving. Let Bailey's Moving and Storage take the stress out of your move.