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2013 Moving Expenses - Tax Deductions

2013 MOVING EXPENSES: WHAT YOU CAN AND CAN'T DEDUCT FROM YOUR TAXES A MOVING COUPON TO HELP YOU SAVE IMMEDIATELY Are you a part of the 16% of people who are moving for a job? If you are, moving may be a tax deductible expense! In order for your move to be tax deductable, the IRS says you must meet these 3 criteria: WORK START DATE START NEW JOB! 18 19 Moving expenses incurred within 1 year from your start date qualify as being tax deductible. DISTANCE TEST Take the number of miles your old home was from your old job. Add 50 miles. Your new job must be at least this number of miles away. Old Home to Old Job 3. (50 pl miles, 53 miles miles samp Ample sample sam samplė ample samp Is your new job 53 miles from your former home? TIME TEST 1 As an employee, you work full time for at least 39 weeks during the first year after you move. 12 1 If you are self-employed, you work full time for at least 39 weeks during the first year & for a total of at least 78 weeks during the first 2 years after you move. 3- I When do I deduct my expenses if I haven't met the time test yet? o If you move in 2013 and haven't met the time test by the time your return is due, you can still deduct these expenses. You can do this if you expect to meet the 39-week test in 2014 or the 78-week test in 2014 or 2015. Due refund INCOMES TAX TIME charge 3 Money TEANES O deadline P refund * Due CONGRATULATIONS if you've met the IRS criteria, you can deduct your moving expenses! WHAT CAN WHAT CAN'T BE DEDUCTED? YOU DEDUCT? I Moving Truck Rentals 1 Packing and Crating I Costs to Connect or I Disconnect Utilities 1 Any part of the purchase price of your new home I Car tags I Driver's license - Expenses of buying or selling a home (including closing costs, mortgage fees, and points) I Expenses of entering into or breaking a lease I Home improvements to help sell your home I Loss on the sale of your home I Losses from disposing of memberships in clubs I Mortgage penalties 1 Pre-move househunting expenses I Real estate taxes I Refitting of carpet and draperies I Return trips to your former residence 1 Security deposits (including any given up due to the move) I Lodging I If you use your car: • Actual expenses: O Gas o Oil o Tolls o Parking Expenses OR • The standard mileage rate of 23 1 Storage charges except those incurred in transit and for foreign moves cents per mile You cannot take a moving expense deduction and a business expense deduction for the same expenses. Don't wait until next year to get your moving expenses back, make your move cheaper now with the help of a Budget Truck Rental Coupon. SAVE 20% OFF WITH Budget Truck Rental PROMO CODE 56000163859 Sources: pubs/p23-204.pdf ||

2013 Moving Expenses - Tax Deductions

shared by breannajwilson on Jun 24
Find out which moving expenses may be tax deductible and save 20% on your next move with a special Budget Truck coupon.


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