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December 15, 2016 By King Relocation
Did you know? If you moved during 2016, you may be able to deduct some of your relocation expenses on your 2016 federal income tax return. Regardless of whether you moved to start a new job, were transferred to a new city or state by your employer, or returned to the U.S. to work or retire after living abroad, the costs associated with your relocation can help reduce your tax burden.
However, before you start filling out your tax return, keep in mind that Uncle Sam does have a few rules that must be followed when deducting moving expenses. And, not all relocation-related expenses will qualify. To find out which expenses do qualify, a good place to start is with IRS Publication 521, which offers guidelines and criteria for deducting moving expenses from your tax return.
To begin with, your relocation must meet the following criteria:
If your relocation passes the “time” and “distance” tests, you then you can start looking at which moving expenses will qualify for an IRS deduction, and which ones will not. Here are some examples of qualifying expenses:
Remember to keep copies of receipts, bills, cancelled checks, credit card statement and mileage logs related to your relocation. You should also save your Form W-2 and statements of reimbursement from your employer so that you’ll have all of the documentation you need regarding your relocation on hand when you go to complete your tax return.
Also, please keep in mind that this article is meant to be used for informational purposes only. We recommend that you always consult your tax professional or attorney when making deductions for relocation expenses on your tax return. The IRS provides information on their Website as to how to go about deducting these expenses from your tax return. You can also find additional guidance for this process via the aforementioned IRS Publication 521.
About King Companies
As an agent of United Van Lines, King Companies has the resources and expertise to be your “go-to” resource for all relocation needs. Whether you are relocating your household, moving an office, or are in need of logistics services, we strive to ensure that your next move will be the best you will ever make. Call us today at 800-854-3679 to learn more.
We hope that you will consider King Companies for your future relocation needs. To learn more about our services, visit is at www.kingcompaniesusa.com. And, don’t forget to connect with us on Twitter, Facebook and Google+ for our latest news and updates!
These videos were produced by United Van Lines and demonstrate the proper way to pack your home.
These videos were produced by United Van Lines and demonstrate the proper way to pack your home.
When moving your kitchen supplies always make sure to double wrap and when packing into a box place the items vertical.