Many home buyers are not aware of the fact that most moving expenses for a job-related move are tax deductible. If you want the savings, however, it is extremely important to keep detailed records of all moving expenses, including house-hunting trips, if your move is job-related.
If you are moving more than 35 miles from your current home, you can deduct all kinds of moving expenses, including but not limited to: your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home.
The IRS’s Publication 521, “Tax Information on Moving Expenses,” provides all of the details on deducting items related to your move, including limits to how much you may deduct. You can download the publication using the link above, or pick it up for free at any IRS office!
Thinking about moving to Ludlow, VT? Start by searching the MLS here, or call me at 802-353-1983 for all of your Ludlow VT real estate needs!