Qualifying for Moving Tax Deductions in Memphis, TN
Your Next Move Could Equal a Moving Tax Deduction
If you’re moving to Memphis, TN, Primetime Movers wants you to know that you could qualify for a moving expense tax deduction. Recent changes in the tax code have impacted who can and can’t make tax deductions for moving costs. Up until 2018, anyone meeting a few requirements could qualify, but for the tax-years of 2018 through 2025, only active military members and their families will be able to make a deduction.
Do I Qualify for a Moving Expense Tax Deduction?
To take advantage of moving tax deductions, active military members must be moving as a result of a permanent change of station. You must be moving to your first post of duty or a new post of duty. Moving expenses are also tax–deductible if you’ve finished your active duty and want to move back home. In this case, you’ll have to move home within a year of completing your military services to qualify for a moving expense tax deduction. When you move to Memphis, the local and cross-country teams at Primetime Movers can assist you in determining if your move qualifies.
If You Qualify, Your Family Can Too
When you move for military service, your spouse and dependents qualify for a moving expense tax deduction as well. Whether you’re making a move together or moving from separate locations, you can file for a tax deduction with one form. If you’re the spouse or dependent of a military member who has died or been imprisoned, you qualify for a moving tax deduction. In this instance, you can move back to the place of enlistment, the home address you have on record, or somewhere closer within the United States.
Record Your Reasonable Expenses
If your move to Memphis, TN qualifies for a moving expense tax deduction, you’ll want to keep a record of your reasonable expenses. These are the amounts that you’ll be able to deduct when you file your taxes. Your reasonable expenses can include most aspects of a move. The costs of transporting your furniture and personal items and hiring movers are all deductible under the current tax code. Additional costs you might incur by packing your things or in-transit storing for them for up to 30 days are also tax-deductible. Your travel costs, not including meals, are deductible as well. Reasonable travel costs can include gas, hotel rooms, and more up through the day you arrive at your new home. Some more, not-so-obvious deductible expenses include connecting or disconnecting utilities, transporting pets, and shipping your car.
A quick note: Primetime Movers can move your belongings from a place other than your former home. However, you’ll only be able to deduct what the cost would have been to move those things from your previous home. For example, we’ll move an extra couch from your parent’s house, but you can only deduct what the moving costs would have been from your former home.
Some Moving-Related Expenses are Nondeductible
While the Internal Revenue Service allows for many moving tax deductions, some of your total expenses can’t be deducted. Costs related to house hunting, buying or selling your home, breaking a lease, or home improvement don’t qualify. The IRS also notes that fees to acquire a driver’s license and return trips to your old home won’t be deducted either. At Primetime Movers, we don’t want you to incur any more expenses than necessary, so make sure to plan ahead to move everything in one trip.
Sight-Seeing Isn’t Tax-Deductible
Unfortunately, extra stops and excursions on your way to your new home can’t be included in your tax-deductible mileage. The professionals at Primetime Movers are expert cross-country movers, so we’ve seen plenty of our clients choose to stop for attractions. You can stop for side trips, but if you do, any additional expenses you incur there won’t count either.
Primetime Movers Can Help with Local & Cross-Country Movers
If you’re an active-duty military member and are ready to make a tax-deduction-qualifying move, Primetime Movers is prepared to help you. Moving is stressful, but when you trust our professional movers with your belongings, we make the process as smooth as possible. Our experienced team specializes in local and cross-country moves to Memphis, TN and offers a wide variety of services to make the moving process a piece of cake. Contact us today for a free quote and get your move started!
Why Choose Primetime Movers?
- Superior Moving Products
- Unmatched Customer Service
- 57+ Years’ Combined Experience
- Outstanding Customer Reviews
- Free Moving Quotes
- Locally Owned & Operated