Just Moved? You Might Get a Tax Break

tax break

Have you seen that commercial with Kathy Bates and the ghost kids in her house? She calls a tax advisor to see if she can claim the creepy kids as dependents and the answer is no. But the advisor offers that her moving expenses might be deductible…

That got me thinking and needing a refresher on when exactly moving expenses are deductible. I visited the IRS site for the details.

Good news is if you move because of your job, you may be able to deduct the cost of the move on your tax return. According to the IRS, your move must meet three requirements:

 

1|  It must closely relate to the start of work.
2|  It must meet the distance test.
3|  It must meet the time test.

 

Need more details? Read the fine print here. Or if you’re interested in listening to the details, check out the IRS podcast on the topic here.

 

 

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