Big tax savings for moving costs

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

(This is Part 4 of an eight-part series. See Part 1, Part 2, Part 3, Part 5, Part 6, Part 7 and Part 8.) Whenever I see a moving van, I think to myself, "I wonder if those folks are deducting their moving costs." Although not every household move is tax-deductible, if you change your work location within 12 months before or after the move, your expenses could qualify for Uncle Sam's generous moving expense deductions. Both renters and homeowners are eligible for this tax break. Whether you itemize personal tax deductions, or claim the standard tax deduction, you can still deduct qualified moving costs on line 26 of your IRS Form 1040. Purchase Bob Bruss reports online. IRS Form 3903 must be used to list your deductible moving expenses. But there are two eligibility tests that must be passed. THE VITAL JOB RELOCATION TEST: The first and most important moving expense-deduction rule is the job relocation test. To qualify, your new job location must be at least 50 miles further ...