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You need to understand what moving expenses are. Here’s what to know.
Moving expenses are costs incurred when you move because of your job. The expenses are deductible if they are reasonable costs for moving yourself, your family and your possessions. However, you can no longer deduct the cost of meals while moving.
Moving is expensive, but not all moving expenses are tax deductible. The IRS has a three-part test to tell whether moving expenses can be deducted.
Common moving expenses:
Expenses that are not deductible:
A more comprehensive list of tax-deductible moving expenses can be found in IRS Publication 521.
You accept a new full-time job that requires moving from Georgia to California. You sell your house through a real estate agent and hire movers. After all of your furniture is packed, you and your family fly to California and move into a condo that you will rent until you find a new home to purchase.
In this example, the move meets the IRS criteria. The move is work related, it is a full-time position and it is more than 50 miles away. The movers and the family’s airfare are tax deductible. The real estate fees and condo rent are not, even though they are expenses the family incurred because of the move.