Yes, Uncle Sam
stands ready to help soften the expense of your job-related move.
No, he isn't
quite as generous about it as he used to be.You may be eligible to deduct
some moving expenses if:
You are eligible
if you are working full-time (defined as at least 39 weeks in the next year.)
Expenses are included if they are incurred within one year from the day you
reported to work at the new job. Time extensions are sometimes granted, if,
for example, you remained in your old home until your daughter graduated from
high school.
If you are self-employed,
you also need at least 39 weeks in the 12 months after the move.
Generous provisions,
however, allow coverage without the required length of time at the new job
for members of the armed forces, those transferred by an employer, those who
lost a job through no fault of their own, and persons returning to the United
States from abroad when they retire (or their survivors).
The expenses
are deducted directly from your adjusted gross income, rather than being included
in itemized deductions. This may leave you free to take a standard deduction
if that's usually to your advantage. It also bypasses the regulations that
sometimes make itemized deductions less valuable.
If you are qualified,
you may deduct the expenses of:
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