Calculating Taxes Up And Down

It’s tax time so that means tallying up all your income and expenses to see how much you have to pay or how much you’ll get back in a tax return. If you made a move during 2013 you may be eligible for tax deductions and credits that are related to the moving costs. The one big stipulation is that the move had to be job related. If you just decided it was time to upgrade to a new home or live in a more desirable neighborhood you won’t be able to deduct the moving costs.

Below you’ll find a rundown of what can and can’t be deducted and the stipulations for these expenses.

 

Potential Job Relocation Moving Deductions

If you meet the requirements associated with making a move for a job, and you have all your records in order it’s time to start deducting your work-related moving expenses. These can be expenses that were paid by yourself or a member of your household. Here are all the items that can reduce your tax bill or even get you a bigger return.

A quick note about travel deductions: household members don’t have to travel together, but you can only deduct the expenses for one trip per household member.

 

Moving Expenses You Can’t Deduct on Your 2013 Taxes

Unfortunately, not all expenses incurred from moving out of your old home and into a new one are deductible. Below are the items that can’t be added as deductions.

Basically securing and paying for a new residence as well as the costs of selling your previous home don’t fall under the moving expenses category. However, do note that some of the costs above may fall under other types of deductions. If you have questions regarding a particular item not listed here reach out to the IRS or a tax professional to ensure that all your expenses are itemized correctly.

Image Source: flickr.com/photos/[email protected]/5913069484

Original Source: https://squarecowmovers.com/tax-deductions-for-moving-expenses-in-2013/