Claim Moving Expenses on Your Tax Return
Did you know that you can claim the expenses of your move on your taxes? Well, it is true! If you move for work and the overall expenses of your relocation is at least $5,500, then you can potentially save $1,500 on your taxes!
Think of all the expenses that went into your relocation. You can claim the cost of a moving company, moving truck rentals and supplies such as moving boxes and tape. Auto shipping and storage are also expenses that can be deducted on Form 3909.
Here are the requirements for this deduction:
- You relocated for a full-time position;
- You will be employed at this position for at least 39 weeks;
- Your relocation was at least 50 miles further than your previous residence.
Check back with American Van Lines regularly for more interesting facts and ways to save on your move.