When Moving Expenses Are Deductible

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When Moving Expenses Are Deductible

Relieving the Burden on Your Wallet from a Long Move

Long-distance, interstate, or cross-country moves can be stressful. It means getting used to your new location, sometimes finding schools for your children, new doctors, and many other headaches. Besides this stress can be the cost. While we at Bannister Moving & Storage are the most comprehensive and cost-effective Phoenix movers, we are still always taking the chance to alleviate some of this burden. Today's blog is about how your entire moving expense may be tax deductible if your move meets certain qualifications.

Qualifications Deducting Your Moving Expenses

In order for you to count your moving expenses as tax deductible, you must be:

  • Moving for a new job
  • Relocating to a new location for your current employer

If your move is for career reasons, you are almost halfway there to a full qualification. In addition to the above elements, your new job will have to be:

  • Not less than 50 minutes further from your previous home

AND

  • You will have to maintain good faith in working at that job (39 weeks worked within the 1-year period of moving to your new location).

All Moving Expenses that Apply for Deduction

Qualifying for tax deduction means you can deduct all primary expenses of the move, including:

  • Fees paid to our Phoenix movers
  • Cost of a storage unit for up to 30 days
  • Cost of gas, parking fees, and freeway tolls if you travel in a private vehicle
  • Even the cost of airplane and train tickets for a long-distance move

Making Your Claim

While we do not claim to be tax experts and strongly recommend that you consult a tax professional directly when executing this action, it is a fairly simple process. You do not have to wait for the 12-month period to pass before you can apply for these deductions (in the event that you are moving around tax season and don’t wait to wait for the next one). If it turns out later that your move did not fully qualify, you’ll have to forfeit the deduction by other means.

As dedicated Phoenix movers, Bannister Moving & Storage is happy to provide our customers with information that may improve the experience of their move. Call us today at (602) 899-0229 to learn more about how our excellent moving team can benefit you.

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