When Can You Claim Them?
If you’ve moved for a job in the past year, you may be wondering if you can claim your moving expenses as a tax deduction. The good news is that, in most cases, you can! London Ontario Movers will discuss when you can claim moving expenses as a tax deduction and how to do so. Keep reading to learn more!
The first thing you need to know is that, in order to claim your moving expenses as a deduction, your move must meet certain criteria. First, you must be moving due to a change in job location. This means that if you are moving for personal reasons (such as to retire), you will not be able to claim your moving expenses as a deduction. Additionally, your new job location must be at least 50 miles away from your old home. If it is not, you will also not be able to claim your moving expenses as a deduction.
Assuming that your move does meet the necessary criteria, there are still some limitations on what can be deducted. For example, you can only deduct the cost of actually moving your belongings – not the cost of selling your old home or purchasing a new one. Additionally, you can only deduct the cost of moving your belongings if they are considered “necessary.” This means that you cannot deduct the cost of moving items that are for personal use only, such as a boat or a piano.
If you think you might be able to claim your moving expenses as a deduction, the best thing to do is speak with a tax professional. They will be able to give you specific advice based on your individual situation.