Morning Minute: Moving for work? You could qualify for moving expense tax deductions

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Moving because of your job? Then you may be able to deduct some of your moving expenses, according to a new Internal Revenue Service tax tip sheet 2015-20, “Moving Expense Deduction.”  You must meet three requirements:

  • Your move must closely relate to the start of work and in most cases, you can count qualifying expenses within one year of the date you started at your new job location.
  • Your new job location must be at least 50 miles farther from your old house than your prior job location.
  • You must work at your new job for at least 39 weeks the first year after the move. The same rule applies if you are self-employed.

In other headlines:

Rauner vetoes change in condo law – Crain’s Chicago Business

CoreLogic: Cash sales drop to 32% of all home sales in May 2015 – HousingWire

Chinese-American Buyers Cite Feng Shui as Key – NAR Daily Real Estate News

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