by Sathya Rao at Sunday, January 09, 2011 in Taxes
Tags: deduct moving expenses, Federal Income Taxes, Tax Deduction Tips
Deduct Moving Expenses from Your Taxes
Yes, you may deduct moving expenses from your Federal Income Taxes.
Photo by funkypancake
Whether you are self-employed or work for somebody else, you may deduct the costs associated with moving to a new home because you have changed your principal workplace. Members of the armed forces also may deduct reasonable relocation expenses associated with a change of duty station. Veterans also may deduct moving expenses associated with separation from service, as long as the move happens within one year of retirement.
If you move outside the United States, you may deduct the full cost of packing, crating, storing, insuring, and moving all of your personal property and household effects. If moving outside the United States for an extended period but keeping most of your personal belongings in storage, you may deduct the cost of moving and storing your possessions, and you may deduct the cost of moving your property into a new residence upon your return from your international assignment.