Did you know that many moving expenses are tax deductible? If you meet specific criteria outlined in "5 Situations Where You Can Write Off Moving Expenses," you can deduct nearly every expense related to moving.
TUTORIAL: Personal Income Tax Guide
In order to claim deductions accurately, keep careful records. You should include receipts for packing and moving costs, gas and toll receipts, and mileage records for your car. This checklist will help you make sure you don't forget any deductible moving expenses.
- Gas and tolls for your car if you drive to your new home location
- Oil and other fluids, along with general maintenance for the car, incurred prior to or as a result of the move
- You can deduct the standard mileage deduction of 16.5 cents per mile
- Costs of a rental truck or van in a do-it-yourself move
- Hotels or lodging on your travel route
- Lodging expenses near your former home within one day of your move
- Cost of plane tickets if you're flying to your own home, including any baggage expenses incurred
- Costs to transport your car to your new home
- Costs to transport pets to your new home (whether by air or car)
- The costs of packing materials for your household goods, including protective wrap, boxes and tape
- The cost of movers if you've hired a moving company
- Moving insurance
- Costs to move items from a third location to your new home, up to the amount it would have cost to move them from your home.
- Storage and insurance costs for household goods and personal effects for any period of 30 consecutive days after they are moved from your old home and before they are delivered to your new home
- Any costs associated with connecting or disconnecting utilities as a result of the move
Non-Deductible Moving Expenses
According to the Internal Revenue Service, you cannot deduct the following moving expenses:
- Gas and tolls or mileage for excursions you make that take you off the most direct route to your new location
- Hotel expenses incurred as a result of detours or stop-overs
- Meals related to the travel or the move
- The cost of moving furniture purchased specifically for your new home (i.e., delivery costs for furniture delivered straight to your new home)
- Expenses reimbursed by your employer as part of a relocation package
EntrepreneurshipLearn about AirHelp's business model and monetization strategy. Discover how it can quickly submit claims for your airline delays on your behalf.
Personal FinanceThese sites can help you get the flights and destinations you desire – and sometimes, even just a seat instead of a whole plane.
ProfessionalsL.A.'s dining scene is full of celebrities, but these impress-your-client spots offer better a mix of exquisite fare and power-lunchers.
Personal FinanceHonda is entering aviation with the HondaJet. Here's a quick introduction to its unique technology and how it was developed.
Personal FinanceHigh-flying CEOs use private jets to avoid check-in hassles and departure delays. For them, concierge service and arriving on time are worth the price.
EntrepreneurshipFrom urban hangouts populated with techies to seafood grills dating back to the Gold Rush, here are San Francisco's best spots to entertain clients.
Personal FinanceHere's a close look at the differences between taking first class on a commercial flight and chartering a private jet.
Home & AutoCan the launch of HondaJet, a private business jet, add value to Honda's stock prices? Investopedia explores the investment opportunity behind the HondaJet launch.
Personal FinanceHere's how to book a trip on a private jet with a few clicks of your smartphone.
Personal FinanceMiami's dining scene is diverse. Here's a list to help narrow down the appropriate places to take clients.
The sale of products or services by sales personnel who go out ...
A government-issued document granting an individual permission ...
The shock suffered by some people when they return home after ...
A government-issued document that allows noncitizens to enter ...
Indirect costs associated with employees, over and above gross ...
A tax form distributed by the Internal Revenue Service (IRS) ...
Among the most common expenses and business deductions for small businesses are the expenses of getting the business started, ... Read Full Answer >>
The two best emerging markets for investing in the aerospace sector are China and India. Both countries have a rapidly expanding ... Read Full Answer >>