Tax Deduction on Moving Expenses

Tax Guide — Sun, 01 Mar 2009 06:56:43 +0000

In the case of moving expenses, some are tax deductible while others are not tax deductible. If the moving expenses are related to the moving of household articles and goods then it is tax deductible. But in the case of job related moves, they are deductible up to a particular limit mentioned. Tax will be deducted if the movement is related to the change of working place or change in residence. But there are certain criterions put forward for this. The distance should be within 50 miles. Also the tax deduction will be given if you are the full time employee of a company. No tax deduction will be granted if your job is a part time job. The deduction in tax can be obtained if you have got a single job or a series of full time permanent jobs. The cost include the travel cost of you and the members in your family who move from the old location to the new location and the cost involved in the transportation of goods. Proper documents should be produced for getting the deductions in tax. Deduction will be given only if the documents are genuine. Discounts in tax will not be given for the expenses related to meals or car.

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Tax Deduction on Moving Expenses