Don’t Miss These Tax Tips
If you are getting a moving rental truck and taking your family to a new home then you need to know a few tax tips. In fact, taking advantage of the tax breaks for moving can help save you hundreds or even thousands of dollars!
Check out these great tips that can save you money. But remember to check the qualifications before assuming you will be able to claim these deductions on your taxes!
1. Deductible Transportation Expenses. The deduction covers the reasonable expenses you incur to transport you and your family’s personal belongings and household items to your new home. If you use a cheap moving truck rental, you can include the actual cost of the moving rental truck, gasoline, parking fees and highway tolls. In lieu of using the actual cost of gasoline and oil, the IRS permits you to calculate those costs using the standard mileage rate. For long-distance moves, you can deduct the cost of airline and train tickets.
2. Deductible Moving Storage. The deduction also covers for the cost of storage and/or insurance of your belongings. So long as the storage costs are incurred within 30 days on either side of your move date, you can deduct those costs.
3. Deductible Lodging Costs. The deduction also provides relief for lodging costs you incur en route to your new home. For example, if you need to stay in a hotel, motel, etc.
This can add up to great savings. The deduction is available to encourage American workers to be mobile when scouting new job opportunities. Just remember to check all of the pertinent requirements before assuming that you can claim deductions for things like a cheap moving truck rental!