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Moving costs beef up real estate tax deductions

Realty Tax Tips – Part 3: Changing job locations

(This is Part 3 of an eight-part series. See Part 1: Recent changes to the $250,000 home-sale tax exemption; Part 2: Personal-use time determines vacation-home tax break; Part 4: Homeowners take refuge in casualty loss assistance; Part 5: Real estate investing generates big tax benefits; Part 6: Tax savings abound with real estate exchanges; Part 7: Home-business expenses add up to tax savings and Part 8: 10 most often overlooked real estate tax deductions.) Were you one of the more than 25 million homeowners and renters who changed residences in 2004? Did you know your moving costs might be tax deductible? However, to qualify you must also have changed your job location. It doesn't matter if you changed employers, stayed with the same employer, or became self-employed. Purchase Bob Bruss reports online. A special benefit of the moving cost tax deduction is it is an "adjustment" or subtraction from your gross taxable income rather than an itemized deduction. The tax result is, eve...