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Moving Expense Deduction

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Moving Expense Deduction
A reduction in one's taxable income because of money spent in the course of moving to start a new job or to transfer in one's current job. This deduction is subject to certain restrictions. Specifically, only expenses incurred from the physical act of moving are deductible. For example, meals taken while traveling are not deductible, but the cost of gasoline may be.


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Some of the tax deductions business owners can claim fall under categories such as charitable contributions/donation deductions, medical and dental deductions, moving expense deductions, deducting job costs, travel and entertainment expense deductions, and casualty and theft losses, depreciation and involuntary conversion deductions.
You cannot take a moving expense deduction and a business expense deduction for the same expenses.
Also, for 1987-1993, excludes employee moving expense deduction.
 
 
 
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