Moving into a new home can bring many expenses that quickly add up. However, if you had to relocate for a new job, you may be able to deduct some of your moving costs.
What homes can you deduct?
You can only deduct moving expenses related to your main home. Seasonal or second homes that taxpayer or family members own aren’t included in the possible deductions.
How far must you travel to be able to claim deductions?
To be eligible for deductions, your new job must be at least 50 miles farther away from your previous home than your former job.
What expenses can you claim?
You can only claim expenses that the IRS deems as “reasonable” and related to moving for a new job. These costs can include:
- Lodging you needed when traveling to your new home
- Items your employer did not reimburse you for that relate to packing, shipping, storing, and insuring your household goods while moving
Other details may apply, and you can find more information on the IRS website.