Deductible Moving Expenses - Things to Remember

 When you move, you might not know that some of the expenses you incur throughout the process can be deducted from your tax return in the year in which the move takes place. This is beneficial information because moving can be very expensive, but if you can recoup some of those costs through your tax return, it might not be as financially draining as it otherwise could be. Be aware, though, not all expenses are tax deductible, so be sure to keep your receipts and track your expenses so you can determine at a later point what you will be able to claim on your return.

Here are the expenses related to your move (Packers and Movers Delhi to Kulti)that can be deducted:

  • The cost of hiring a moving company or renting a moving van.
  • Insurance, either through the movers or through a supplemental policy that you can obtain through a private insurance company.
  • Packing supplies.
  • The costs related to disconnecting your utilities in your old home and reconnecting them in your new home. These costs might include setup fees, installation fees or simply connection fees.
  • Lodging, but only if it is necessary for you to stay somewhere other than your home as you travel to your destination. Lodging for sightseeing on the way is not deductible.
  • Transportation costs, including gas, repairs and other expenses related to your vehicle during the time it is being used to transport you to your new location.
  • Storage of your belongings while your new home is being readied for you.
  • Tips, including those for your movers and packers.
  • The costs related to shipping your vehicle (this is reimbursed at 10 cents per mile and for gas and tolls).
  • The costs associated with disassembling and reassembling certain items such as an ice machine, above ground pool and satellite).

You should also be aware that there are different regulations for international moves as opposed to local or national moves. You will likely need to pay taxes in your new country; however, those taxes are deductible on your United States tax return. If you qualify for the Foreign Earned Income Tax Exclusion, your income taxes, up to $80,000 will be waived by the United States. You must meet both the Bona Fide Residence test and the Physical Presence test in order to qualify for the waiver.

To ensure that you take advantage of all the deductible expenses related to moving, it is recommended that you contact a professional tax preparer who has filed taxes for others in your situation. This way, you will know that you are getting the most benefit out of your move.

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