Can you deduct moving expenses incurred in 2018?
Under the prior year 2017 & earlier tax law, you would be eligible to qualify if :
- Your employer has not reimbursed the moving costs. They have also excluded the reimbursement from your income.
- Your new place of work is at least 50 miles away from your former home than your old main job location.
- You worked at least 39 weeks as a full-time employee in the first 12 months after you arrived in the new work location.
Here’ what is changing in 2018…
The latest tax reform suspends the moving expense deduction
The new tax law suspends the moving expenses deduction for tax years beginning after December 31, 2017 and goes through January 1, 2026. During this timeframe, there is no deduction allowed for use of an automobile as part of the move.
Exceptions to the rule: This deduction is only allowed for members of the United States armed forces on active duty.
You should consult a tax professional when you have moving expenses and to determine how these changes will affect your tax situation.
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