Are moving expenses tax deductible?
With the rapid growth of globalization, it’s very common for a person to move quite often to difference cities, states or even countries on the purpose of career. Multi-national companies have been expanding their business to all parts, and this phenomenon has been requiring the employees to move regularly. Not only its job related, but people can move to other places, for many other reasons. But the fact that remains same is, the last couple of decades has seen people moving quite often than not. One of the key things that a person wonders about is, are moving expenses tax deductible Arizona? Let’s go through a few details about this topic so that you can clearly understand about it:
- For a move to be qualified, you must definitely meet two tests, which are time and distance tests. In order to meet the distance test, the difference between your old residence and your new work place must at least be fifty miles further, when compare to the distance between your old work place and your old home.
- In order to meet the time test, you should be working as a full time employee in the new place for not less than 39 weeks in the first twelve months after your arrival.
- You can normally deduct the expenses of moving your family, your belongings, and yourself.
- You are not permitted to deduct the cost of meals during the move.
- You can’t deduct the costs that happen during your house search.
- By using the Form 8822, update your address without forgetting.
Starfleet Moving is one of the prime movers in the Arizona. If you ever want to move to any other place, they are the best bet due to their reasonable prices, friendly staff, and most importantly top notch services.