How to Use Moving Expenses Deduction to Lower Your Taxes
There are a number of tests that the IRS says you must satisfy to qualify for the moving expenses deduction. The primary test is that your move must be work related in order to deduct any relocation costs. There’s also tests for time and distance that will be explained shortly.
To claim the relocation expenses deduction, you’ll have to use the long Form 1040, but there is no requirement for you to itemize any other deductions on a Schedule A. The IRS Form 3903 is used to list the various allowable expenses, and it’s quite easy to complete.
Once that is done, the total is transferred to the front of the Form 1040, and listed as an adjustment (subtraction) from your gross income. View full post…