Do you have a new job? Are you looking to move? Are you self-employed? Do you have your own business? if you meet any of these criteria, you might be qualified for a deduction. Yes, you read that right. There are some items that can be deducted from your moving expenses such as:
- Utility disconnection and reconnection fees
- Up to 30 days of storage unit costs
- Hotel rooms
- Shipping and packing costs
- Travel to the new home, as well as automotive deductions
We all know that there are no free stuff with the IRS. Whether or not you are moving to Vint Hill, you have to meet some basic requirements. For starters, you need to be employed full time for at least 39 weeks after you move. It doesn't have to be on the same company for as long as you are employed full-time. If you have your own business or you're self-employed, an average of 24 months is needed after you move.
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In addition to the duration of employment, you also must be a minimum distance from your original location. For the self-employed, a minimum of 50 miles applies. For those who commuted to a job, you must be 50 miles plus the distance of your commute. So if you drove 20 miles to your old job, the move must be at least 70 miles away from your old home (50 + 20 mile commute).
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Don't hesitate to double-check with a tax professional to make sure that you are truly eligible. The bottom line is-- there are things that you can do to save on tax so make sure you are aware of these deductions.
This is just one of the many ways homeowners are rewarded come tax time. There are other ways you can keep more of your income by making the leap from renter to owner. I’d be happy to help you climb the path! Let’s connect today!
Sean Blanchette(703) 371-5710Sean@FrontDoorHomes.com
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