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Tax
Deductible Moving Expenses
Moving is generally expensive so utilize
this opportunity to save money. Certain moving and relocation expenses
are tax deductible. As tax regulations frequently change, please check
with your local tax advisors for the latest information on qualified deductions.
Remember to keep all receipts to verify your expenses.
The following information is for general
reference only and details might vary for your specific circumstances.
Moves that qualify for tax deductions
Your move must:
take you to a new job, your own business,
or post-secondary education
take you a required distance closer to
your existing job/business/education
What type of expenses qualifies
for deduction?
Packing supplies
Moving company fees
Cost of insurance for goods in transit
Storage of household effects - for a
limited time
Transportation to the new location
Temporary accommodations while travelling
to the new location
Disconnect and reconnect fees
Prorated taxes, interest, and pre-paid
interest often referred to as discount points may be deductible
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