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Coral Springs Are your Moving expenses Deductible

If you moved to Coral Springs  due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your reasonable moving expenses but not any expenses for meals. You can deduct your moving expenses to Coral Springs Florida  if you meet all three of the following requirements:

  • coral springsYour move closely relates to the start of work
  • You meet the distance test
  • You meet the time test

Move Related to Start of Work – Your  to  Coral Springs Florida move must closely relate both in time and in place to the start of work at your new location. You can consider moving expenses incurred within one year from the date you first reported to work at the new location as closely related in time to the start of work. A move generally relates closely in place if the distance from your new home to the new job location is not more than the distance from your former home to the new job location. For exceptions to these requirements, see Publication 521, Moving Expenses.

The distance test – Your new workplace in Coral Springs must be at least 50 miles farther from your old home than your old job location was from your old home. If you had no previous workplace, your new job location must be at least 50 miles from your old home.

House resting on calculator concept for mortgage calculator, home finances or saving for a house

House resting on calculator concept for mortgage calculator, home finances or saving for a house

The time test – If you are an employee, you must work full-time for at least 39 weeks during the first 12 months immediately following your arrival in the general area of your new job location. If you are self-employed, you must work full time for at least 39 weeks during the first 12 months and for a total of at least 78 weeks during the first 24 months immediately following your arrival in the general area of your new work location. There are exceptions to the time test in case of death, disability, and involuntary separation, among other things. See Publication 521 for these exceptions.

Coral Springs Reporting Moving Expenses

Figure moving expenses on Form 3903 (PDF), Moving Expenses, and deduct as an adjustment to income on Form 1040 (PDF), U.S. Individual Income Tax Return. You cannot deduct any moving expenses covered by reimbursements from your employer that are excluded from your income.

Additional Information

For more information on deductible and nondeductible moving expenses and information on moves between locations in and outside the United States, refer to Publication 521, Moving Expenses.

More Tax Topic Categories this is has been culled fdrectly form the IRS.gov docs

 

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