Deductible Expenses
June 4th, 2008
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Question: How much of your moving expenses are tax deductible?
And what is deductible? Gas, mileage, hotel, truck rental, supplies, food, airfare? I moved due to job relocation, however my employer did not help with the move. I’d like to claim the expenses on my taxes.
Answer: The actual costs of moving you and your belongings are fully deductible. This would include your airfare, truck rental or movers, moving supplies, etc. If you are driving the moving truck yourself (i.e. U-Haul), then the gas and mileage incurred on the rental would be fully deductible as expenses related to shipment of household goods. The hotel related to the move would also be deductible, but meals would not be. Also note, if you are moving by car (i.e. driving), you can either deduct actual auto expenses (gasoline and oil), but you cannot deduct any repairs or depreciation on the vehicle. You can opt to deduct a standard mileage rate as well, but this rate is lower than the standard mileage rate used for business use of a car.
Moving expenses are reported on Form 3903 and are deducted from your gross income as an adjustment for adjusted gross income. They are not deducted as an itemized deduction and as such, does not require that you itemize in order to get the tax benefit of it.
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