Tax Deductible Moving Expense

Moving is generally expensive, but you can utilize this as an opportunity to save money since 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 qualifying 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.

In order to qualify for tax reductions, your move must take you to a new job, your own business, or post-secondary education.

Some of items that may qualify for tax reductions are:

• Packing supplies
• Moving company fees
• Cost of insurance for goods you transit
• Storage of household effects for a limited time
• Transportation to the new location
• Temporary accommodations while traveling to the new location
• Disconnect and reconnect fees
• Prorated taxes, interest, and pre-paid interest often referred to as discount points maybe deductible