Moving Expenses and TaxesPosted on: Monday, January 3rd, 2022
Moving Expenses and Taxes
It is the start of a new year, and that means that not only do people have a ton of resolutions that they are hoping to keep for 2022, but it becomes the time that many people dread, tax time. So, are moving expenses tax-deductible?
The answer is not a simple yes or not. The Tax Cuts and Jobs Act of 2017 made it so that only military members and their families could deduct moving expenses from 2018 to 2025. For civilians that moved before 2018, parts of a move can be deducted from your 2021 taxes. You have up to 3 years to deduct moving expenses.
So, the true answer to whether you can deduct these moving expenses is determined by the following:
– If you moved in 2018 and have yet to claim these moving deductions, this is your last year to do so!
– Military members, including their spouse and dependents, can always deduct certain moving expenses, even if they moved this past year.
What can be deducted now? Until 2025, military members are the only ones that can deduct moving expenses, and it must include things like:
– Moving supplies and services, unless the government provided these
– Shipping vehicles
– Parking fees
– Temporary lodging that you must use on route to your new home
– Up to 30 days of storage for your belongings
It once was that if you had to move for your job, even if you were a civilian, you could deduct these moving expenses; however, that is not the case now. If you plan on a move in 2021, be sure that you are looking for professionals to make this a bit easier for you. Dunmar Moving is here for all your moving needs!