 |
|
Moving Tips - Advice Article
|
Browse home loans, check rates, and quickly compare payments.
Get great deals and fast, friendly service
at E-Loan, the #1 online lender.
Pick your best loan deal, then get approved in five minutes!
Click here to
Check Current Rates (opens
in new window) |
Deductible Moving Expenses
dan the roommate man
Yes, Uncle Sam stands ready to help soften the expense of your job-related move.
No, he isn't quite as generous about it as he used to be.You may be eligible to deduct some moving expenses if:
* Your new job or job transfer is at least 50 miles farther from your home than the old one was.
* If you had no previous job, the new one is at least 50 miles from your old home.
* You are in the armed forces and had a permanent change of station.
You are eligible if you are working full-time (defined as at least 39 weeks in the next year.) Expenses are included if they are incurred within one year from the day you reported to work at the new job. Time extensions are sometimes granted, if, for example, you remained in your old home until your daughter graduated from high school.
If you are self-employed, you also need at least 39 weeks in the 12 months after the move.
Generous provisions, however, allow coverage without the required length of time at the new job for members of the armed forces, those transferred by an employer, those who lost a job through no fault of their own, and persons returning to the United States from abroad when they retire (or their survivors).
The expenses are deducted directly from your adjusted gross income, rather than being included in itemized deductions. This may leave you free to take a standard deduction if that's usually to your advantage. It also bypasses the regulations that sometimes make itemized deductions less valuable.
If you are qualified, you may deduct the expenses of:
* Packing and transporting household goods,
* Mileage for use of your own car (or gas and oil expenses)
* Tolls and parking fees on the trip
* Up to 30 days' storage of household goods
* Disconnecting and connecting utilities.
* Transportation and lodging for yourself and members of your household while traveling to the new home.
No longer deductible: $3,000 more for up to 30 days' temporary living expenses, house hunting trips, or costs of selling an old home and buying a new one.
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com |
Related Pages
Listing Agents Role
- The role of the real estate listing agent in selling your home - How using the
right listing agent will sell your home fast.
Showing Your House
- Quick tips on getting your house ready to show in ten minutes - How to show
your house the right way.
Closing Costs
Explained - Information about home loans closing costs and good faith
estimates provided by lenders within three days of your mortgage application.
What Is Escrow
- Explanation of what is escrow - Title escrow company process explained - List
of duties for buyer, seller, and escrow agent.
Down Payment
Leverage - Avoid PMI with a two-loan strategy. How to grow your equity faster.
Home Loan Online
- Discover the best ways to get the lowest rates - Links for checking current rates.
Loan Directory - Complete home loans directory for thousands of loan products,
companies, brokers, and lenders. Search our loan directory by keyword or by
category for complete listings of all things related to mortgages, home equity
loans, refinance, and more.
In The News
|
|
|
|
