Part 1 of 2*
As year-end is approaching, so are income taxes.
Good news for anyone who is moving to Bergen County - given certain conditions, you can deduct work-related moving expenses.
The best thing about writing off your moving expenses is that the deduction is taken "above the line," which means that you don't have to worry about all those itemized deduction "phase-out" rules.
To determine if you are eligible, you must pass the following two tests:
•· The 50-mile test - the distance between your new job and your prior home must be at least 50 miles greater than your old commute.
•· You must be employed full time in the area of your new job location for at least 39 weeks during the 12 months after you move.
There are additional rules for self-employed individuals. For those reentering the full-time workforce, your new job and your former residence have to be at least 50 miles apart, and you must still pass the 39-week test.
More to come on the type of expenses you can deduct.
* Ref: Maxine Wolf, CPA
To receive a complimentary comparative home value analysis, click here. For more information about Bergen County NJ real estate, please visit www.BobWolf-Realtor or call me at 551-206-1163.
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