Moving in 2017? Here’s What You Should Know for Your Taxes

Moving In 2017

If you’re starting the new year out with a big move – for work, or for a relationship – it’s only natural to be full of questions. Whether you’re moving 15 miles away, or 1500, moving changes many things, sometimes even you taxes.

Here at Hacker Accounting, we want you to have as much information as possible regarding moving and how that affects your taxes, leaving you to worry about all of the other minor details the move creates.

Bonus: The Benefits of Having an Accountant in the New Year

Moving Expenses Is A Deduction

Many people don’t know that moving expenses due to job relocation can be deducted the year of the move as an adjustment to income. Depending on the distance that you move, and if you meet certain time restrictions, you can take advantage of these deductions on your taxes. You can reduce moving fees, such as moving costs, travel, transportation, and lodging. You can also reduce the amount paid to store and transport all of your belongings.

More Deductions

Another moving instance you can potentially deduct would accompany the sale or purchase of a home. If you’re selling your home for profit, depending on the amount of time you’ve owned and lived in the property, you can exclude upwards of $500,000 from your reported income, filing as an MSJ.

If you are purchasing a home, you could qualify to deduct points and avoid mortgage premiums, saving you thousands of dollars immediately, and over time!

Bonus: How Your Accountant Can Predict Your Financial Future

If you have any further questions regarding how a move affects your taxes, give Hacker Accounting a call at 602-375-5251. We’re here to help!

Chris Hacker
Chris has been working in the bookkeeping and accounting field for over 15 years preparing business, income and payroll taxes. Chris has a bachelor’s degree from Arizona State and is an Enrolled Agent with the Internal Revenue Service.