Noyes Moving Tax Benefit Blog

Each year, over 40 million people move for a variety of reasons. Some people move for a new job, others move to be closer to family. Regardless of why you move to a new location, come tax time, you could be eligible to deduct your moving expenses if you meet these two simple requirements.

 The 50-mile Rule: The location of your new job must be a minimum of 50 miles farther from your previous house or apartment than your last office was. So, if you lived 5 miles from your old office, your new office must be a minimum 55 miles from your old home in order to deduct costs accrued from moving.

The Time Rule: You are required to work as a full-time employee in your new location for a minimum of 39 weeks during the first 12 months following your move. Don’t worry if you have multiple employers during this time, it still counts.

The Exceptions: You may qualify for an exception to either of these rules if you lose your job, or in other case-by-case situations. Also, if you are in the Armed forces, you do not need to meet either of the rules if you moved due to a permanent station change.

Now that you know if you are eligible for tax deductions, here is a list of the things you can deduct. 

Remember, you don’t have to itemize these deductions, because moving expenses are an adjustment to your income.

Deductible Expenses
  • Professional moving services (Like Earle W. Noyes & Sons)
  • Move insurance
  • Miles traveled in your car while moving
  • Moving truck or storage container
  • Packing/moving supplies
  • 30 days of storage after your move
  • Travel expenses to your new location (one trip for each member of your family)
  • Any costs to disconnect or connect utilities due to your move
Click here for more information and a complete list of eligible moving deduction from the IRS.

If you didn’t move in 2015, but you are thinking about moving in this year, bookmark this article and contact Earle W. Noyes & Sons Moving Specialists. Whether you are moving to Maine from away, relocating outside of the state, or just moving down the street our residential moving team will help you with all of your relocation needs.

Source: IRS