Relocation Expenses - Relocation Tips Video Series
from the Southern California Relocation Dude
The first video in my Relocation Tips Video Series is about tracking your moving expenses.
Here's the Introductory Post and Video in my Relocation Tips Video Series in case you missed it!
As you begin planning for your relocation to Carlsbad, or wherever you are going, whether you are moving on your own or with a relocation package or company through your employer, it’s important to plan on how you are going to track your expenses.
And you will have a bunch of them, especially if you are moving a significant distance, say across the country.
From a financial perspective it simply makes sense to track where your money is going since a move can wreak havoc on your budget.
But there are a couple of important reasons to diligently track your expenses, and keep receipts for everything you spend.
Can you say IRS?
I am not an accountant or CPA and cannot provide accounting and tax advice. But I strongly recommend you confer with your tax/accounting professional when you are moving, since the IRS does provide for certain deductions when moving more than a certain distance (and it is coupled with the distance your travel to your job, old or new I think).
You may qualify for these deductions and you certainly want to have the receipts to prove it, as well as an accurate accounting of your mileage. Check out IRS Publication 521. NOTE: With the new tax laws in place as of December 2017 you are likely to find some changes - check with your CPA!
Some examples that may apply:
Mile traveled to your new home
Cost of moving your household goods
Hotel and food while traveling
Shipping a car or pet(s)
Another very good reason to keep careful records and receipts comes with using a corporate relocation package or company. They may require original receipts (or copies) in order for you to be reimbursed for certain expenses. Check with the company representative before you get started to find out what their policies are.
Have any questions? Don’t hesitate to ask – I’ve done this a bunch of times myself. Please give me a call at (760) 840-1360 so we can discuss your personal relocation situation and answer all of your questions.