Who Can Deduct Moving Expenses?
You can deduct moving expenses if you meet all of the following requirements:
Which Moving Expenses Are Deductible?
Not all moving expenses are deductible. The following moving expenses are deductible:
How to Deduct Moving Expenses
To deduct moving expenses, you must itemize your deductions on your tax return. You can use IRS Form 3903 to report your moving expenses.
Here are the steps on how to deduct moving expenses:
Let's say you moved from New York City to Los Angeles for a new job. You incurred $10,000 in moving expenses. You meet all of the requirements for deducting moving expenses.
To deduct your moving expenses, you would complete IRS Form 3903 and attach it to your tax return. You would then itemize your deductions on your tax return. Your moving expenses would be added to your other itemized deductions, and they would reduce your taxable income.
Deducting moving expenses can save you a significant amount of money on your taxes. However, it's important to make sure that you meet all of the requirements for deducting moving expenses. If you're not sure whether you qualify, you should consult with a tax professional.
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