Moving houses can be pretty stressful and expensive. It takes a lot of time, effort and money to move from one house to another, let alone to move from one city to a completely different one. However, if your reason for moving houses is purely because of your job, there might be some tax relief that can help save you money.
One point in time, people are bound to leave their current residence and move to a new one. As previously reported here on Realty Today, one of the main reasons for moving houses is getting relocated for a new job.
Some cities may offer better opportunities for you in terms of career growth, which prompts the need to move and leave your humble abode.
If your current job has asked you to move to a different branch in a new city or if you have found a new job for you that is about 50 miles away from you, then chances are, you may deduct moving expenses from your income tax return. However, this comes with a number of requirements.
According to Realtor.com, one of the things you need to satisfy in order to qualify for the said deductions, the location must be far from your previous home.
"To qualify for a moving deduction, your new job location must be at least 50 miles farther from your former home than your old job location," said ZM Ishmurzina from the Artio Partners.
Aside from this, you must also work at your new job for at least 39 weeks during the first 12 months after you move to a new house. This period, however, covers paid and unpaid leaves, including vacation time.
You may also need to keep track of all of the expenses incurred during the move and see which of them can be counted as qualified expenses to be deducted from your income tax return.
