Morning Minute: Moving this year? Your expenses could be deductible

Image: Bigstock

Image: Bigstock

If you are moving this year because of a change in your job or business location, your moving expenses could be deductible, according to the Internal Revenue Service (IRS). Read the full tax tip, “Moving Expenses Can Be Deductible,” from the IRS, but here are three basic requirements:

  • Your move must closely relate to the start of work(within one year of the date of the move).
  • Your move must meet the distance test of being at least 50 miles awa.
  • Your move must meet the time test (you work full-time at your new job for at least 39 weeks for the first year or 78 weeks for the first two years if you are self-employed).

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