• 
  Like
• 
  Follow

Search news    

---

Moving costs may be tax-deductable, funded by employers

January 12, 2010 - Although the cost of relocating can increase quickly and unexpectedly, individuals who are planning a move have several options to save money as they transition from one home to another.

Some costs associated with moving may be tax-deductable, Bankrate.com reports.

Meeting with a tax adviser prior to a move may prove beneficial to homeowners and renters, as these individuals may be able to deduct some moving expenses from their income tax reports, as long as they document their spending and keep their receipts.

Professionals who are moving to enhance their careers may be able to receive financial assistance from their employers, even if their companies do not explicitly offer relocation packages.

John Bisney, director of public relations for the American Moving and Storage Association, told the media outlet that experts are "seeing a trend toward lump-sum payments by the employer that the employee can spend as they like toward their moving expenses."

Workers who receive aid from their employers should carefully examine the stipulations associated with accepting this help, as some individuals may be required to pay income taxes on relocation assistance awards, according to The Frugal Life.

Recent Articles

Related Categories