Tranportation And Storage Costs

AAA

DEFINITION of 'Tranportation And Storage Costs'

An moving expense deduction related to the costs of a taxpayer's relocation. Transportation and storage costs include the cost of moving and storing the taxpayer's possessions.

The type of property with deductible costs includes furniture, vehicles, pets and personal belongings. The cost of storing the taxpayer's belongings during the relocation process is deductible for the first 30 days.

INVESTOPEDIA EXPLAINS 'Tranportation And Storage Costs'

Transportation and storage costs are reported on Form 3903. They are aggregated with all other moving-related expenses and must meet certain requirement in order to be deductible.

RELATED TERMS
  1. Expense

    1. The economic costs that a business incurs through its operations ...
  2. Deduction

    Any item or expenditure subtracted from gross income to reduce ...
  3. Operating Expense

    A category of expenditure that a business incurs as a result ...
  4. Proof of Charitable Contributions ...

    Substantiation required by the Internal Revenue Service for a ...
  5. Quid Pro Quo Contribution

    A charitable donation for which the donor receives something ...
  6. The Smith Maneuver

    A strategy that makes interest on a residential mortgage tax-deductible ...
Related Articles
  1. Earnings: Quality Means Everything
    Investing

    Earnings: Quality Means Everything

  2. Understanding Pro-Forma Earnings
    Fundamental Analysis

    Understanding Pro-Forma Earnings

  3. The Essentials Of Corporate Cash Flow ...
    Retirement

    The Essentials Of Corporate Cash Flow ...

  4. Accounting For Differences In Oil And ...
    Fundamental Analysis

    Accounting For Differences In Oil And ...

Hot Definitions
  1. Halloween Strategy

    An investment technique in which an investor sells stocks before May 1 and refrains from reinvesting in the stock market ...
  2. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  3. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  4. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  5. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  6. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
Trading Center