Moving expense deductions

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Updated: 3/07/2005 11:10 am Published: 3/07/2005 11:10 am

You can deduct moving expenses when the distance between your new job and your former home is at least 50 miles more than the distance between your old job and your former home. Also, you must work full-time for at least 39 weeks in the 12 months following your move. If you qualify, the deductible expenses include direct costs like moving vans and airline tickets, and indirect expenses like portions of the real estate commission you pay for selling your old home. If you use your car to move to your new home, you can either deduct the actual expenses like gas and oil, or take the standard mileage rate deduction, which has decreased to 14 cents per mile. You won't have to include as income any moving expenses your employer pays or reimburses. Record keeping is important, and you must report all payments and reimbursements made by your new employer. If you're self-employed, different regulations apply. Moving expenses should be filed on Form 3903. These tips are provided to give you general information about your taxes. If you have specific questions, please consult a tax advisor or call the toll-free number for Federal Tax Information and Assistance at 1-800-829-1040.

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