that if you or your clients moved in 2006 to take a new job, you can deduct job-related moving expenses from your income tax return. 

You may be eligible to claim moving costs that were incurred within a one-year period from the date of your first day of work at the new location. Even if you moved to a new city and then found a new job, you may also be able to claim deductions, generally provided that you began working within a 1-year time frame following the move.

The new location must be at least 50 miles farther from your former home than your old job location was from your previous home. Deductible costs for moving expenses may include packing; crating; transporting household goods and personal property; storing and insuring items within any period of 30 consecutive days after the items are moved from your former home and before they are delivered to your new residence; connecting or disconnecting utilities; and shipping your car and your household pets to a new home.

Consult a tax preparer for more specifics on how these valuable deductions relate to you!

 

2 Comments on MOVING TAX TIP! Don't forget...

Liz...  this is a good tip that I am sure that several don't know about. That's why I always recommend a good tax accountant. Either that you something like turbo tax, but you need to read everything and have a slight understanding.

                                                                                                                 jeff

04/01/2007 02:53 PM by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages -- Mortgages (Infinity Home Mortgage Company, Inc)


Liz I took advantage of it myself for 2006.  Thanks for the reminder!

04/01/2007 09:38 PM by Michael Hutchins - Consumer Advocate, Chicago (Michael Hutchins Ent.)


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Real Estate Agent: Liz Streed (PRUDENTIAL Holley Properties Real Estate)
Liz Streed
Navarre, FL
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PRUDENTIAL Holley Properties Real Estate

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