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Tax Tip: Deduct Your Moving Expenses

NEW YORK ( MainStreet) -- Did you move for a new job last year, or to be closer to your current job, or did your company relocate you? If so, you may be entitled to an "above-the-line" deduction for moving expenses.

You can deduct the unreimbursed costs of moving your household goods to your new location and travel expenses, including overnight lodging on the road for one trip for yourself and each member of your household. Meals aren't included.

If you moved for a job last year, you can probably deduct the unreimbursed costs of moving your household goods to your new location, as well as travel expenses.

If you drove, you can claim a standard mileage allowance of 16.5 cents per mile. If you and your spouse each have a car, and you each drove your car to your new location, you can both claim the mileage allowance for the trip.

For moves within the U.S. you can also deduct storage and insurance of your household goods for up to 30 days after leaving your former residence.

For your expenses to be deductible, however, you must meet a distance and time test.

The distance between your new job and former home must be at least 50 miles more than the distance between your old job and former home. Or you must move at least 50 miles closer to work.

If you are an employee, you must work full-time at your new location for at least 39 weeks in the 12 months after the move.

If you are self-employed, you must meet the same test and work full-time for a total of at least 78 weeks during the 24 months after the move. Any combination of full-time employment and self-employment will count toward this test.

If you are married, only one spouse must satisfy the time test.

To claim these expenses, use Form 3903.

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