Did you know that if you are moving because of your job, most moving expenses are tax deductible? This is why it is so important to keep detailed records of all moving expenses, including house-hunting trips.
If you are moving 35 miles or more from your current home, you can deduct your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home.
Of course, there is a ceiling on deductions and guidelines which must be followed. Everything you need to know is outlined in detail in the IRS’s Publication 521, “Tax Information on Moving Expenses,” which you can download at the link provided or you can pick up at any IRS office.
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