Deducting Home Moving Expenses from Your Taxes
While moving home furnishings can be a significant expense, those who are relocating might be able to keep more of their hard-earned money thanks to a little help from Uncle Sam. Many aspects of your move can be tax deductible, though you have to meet certain requirements to qualify for these tax deductions. Check out some of the rules below to see which home moving expenses generally qualify for a tax deduction.
Traveling costs – Any traveling expenses that you deduct must be for the shortest route possible from your old home to your new destination. If traveling by car, you may deduct gas and oil, or the standard mileage rate (14 cents per mile, as of 2004). Other allowable home moving deductions include expenses for tolls and parking fees, and any moving expenses for yourself or those who are members of both your old home and your new home.
Lodging expenses – You may deduct the costs of necessary lodging while traveling between your old home and your new home. You may also deduct one day’s worth of lodging expenses after your move-out date, provided you could not stay in your home because your furniture had already been moved from your old home.
Packing, loading, and storing costs – Home moving expenses such as those related to packing and transporting your household goods (including those of any other members of your household) or having a residential mover do so may be deducted. Additionally, the cost of shipping your car or pets can also be deducted. You may include the cost of storing your personal belongings for up to 30 consecutive days after your items have been moved from your old home but before they have been shipped to your new destination.
If saving money is important when moving your home furnishings, consider turning to Philpot Relocation Systems. We have been serving Atlanta residents for nearly 50 years and have unparalleled industry experience, yet our moving prices remain highly competitive. As full-service home movers and a proud agent of Atlas Van Lines, we offer packing, loading, and storing of household items of nearly any kind, and provide both local and long-distance moves. As a home moving business with an A+ rating from the Better Business Bureau and ProMover designation from the American Moving and Storage Association, you can be confident in leaving your move to us and rest assured that we will stop at nothing to ensure you are completely satisfied with the job we have performed.
Contact us today for more information about our home moving services for residents of Atlanta, Alpharetta, Marietta, and all surrounding communities.
*As tax codes may change, be sure to seek the counsel of your tax advisor before claiming any move-related expenses as deductions.