How to Deduct Moving Expenses From Your Taxes

Video Transcript

"Hi, we're here to talk about how to deduct moving expenses on your income taxes. There are a couple of stipulations that you have to meet in order to claim a deduction for moving expenses. One of the stipulations is the distance that you are. If you've lived five miles from your previous job, then your new job has to be at least fifty five, fifty-five miles from your previous home. It's got to be at least fifty miles difference. So, that's one of the stipulations. The other stipulation is the amount of time that you work at your new job. You have to work at least thirty-nine weeks at your new job in order for that to be classified as a deductible expense. If you happen to be self-employed, you have to work at least thirty-nine weeks in the first year and thirty-nine weeks in the second year in order for it to be a legitimate expense. Reasonable moving expenses are deductible as are the cost to move your household belongings from your old residence to your new residence. The members in the armed forces sometimes have some different guidelines they're under depending on the circumstances of their move so they'll want to obviously consult the rules and regulations surrounding armed forces moving expenses versus your regular average citizen."