Filing Investor Expenses for Taxes

Video Transcript

This segment-I'm Tom Choisnet, enrolled agent. This segment is regarding moving expenses, what are deductible? You may have overheard that if you?re simply moving closer to the work that you've been doing for years, that kind of move isn't deductible. You must move 50 miles further than the commute that you?re making now. That's the easiest way to explain these hard to understand rules that they have about it. Today, you?re limited only to the direct cost of the move plus the day of move meals and relative lodging. While it's not as liberal as it used to be, a long distance move still provides a good deduction. It is deductible toward adjusted gross income in addition to the standard deduction. Moving expenses are still a good deduction and certainly worth keeping track of. Thank you. One thing that must be noted here is that in order to take the deduction as moving expenses you have to remain 39 weeks of the following 78 weeks in the area of the move. If you don't meet that standard deduct the move as job seeking expenses and you won't lose it. Thanks.

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