Moving Expenses


Also found in: Dictionary, Thesaurus, Medical.
Related to Moving Expenses: relocation expenses

Moving Expenses

Money that one spends in the course of moving to start a new job or because of a transfer in one's current job. In the United States, one may deduct moving expenses from one's taxable income, after certain thresholds are met with regard to time and distance. 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.

Moving Expenses

An adjustment to income permitted to employees and self-employed individuals who move for work-related reasons, providing certain requirements are met. Form 3903 is used to compute deductible moving expenses.
References in periodicals archive ?
There are no coverage or nondiscrimination rules that limit employer and employee deductions for moving expenses to "nondiscriminatory" plans.
Option 2: If the owner relocates the tenant to a suitable housing accommodation at a rent in excess of that for the subject housing accommodation, the owner must pay the tenant a stipend equal to the difference between the rent in the relocated accommodation and their prior rent, multiplied by 72 months (6 years), in addition to reasonable moving expenses.
To ensure deductibility, the costs of both categories of moving expenses must be reasonable in amount and bear reasonable proximity in time to the beginning of work at the new location.
The Tax Reform Act of 1986 changed the tax treatment of moving expenses by requiring that they be classified as an itemized deduction on Schedule A.
82, however, employer-paid moving expenses included in an employee's gross income are compensation for services.
5 cents a mile; for medical or moving expenses, 15 cents a mile; and when providing services to a charity, 14 cents a mile.
Most companies will pay relocation costs or provide an advance for moving expenses, but you should check the maximum your company will pay to assist in your relocation.
In addition to the major events noted above, I relayed my experience of having run across, with two separate clients, tax returns prepared by one local practitioner who had achieved large tax refunds for these clients by claiming, among other strange items, tens of thousands of dollars in moving expenses each of four consecutive years--but the clients never moved.
The company has offered to pay my moving expenses but will I be taxed on these?
The contract includes protection of jobs in case of a merger or transfer of ownership; increased rates of pay and an extended pay scale based on years of service; new holiday pay; moving expenses for involuntarily displaced flight attendants; increased minimum days off for line-holders; an eight-hour duty period; 90 days maternity leave; a formal grievance procedure; and a seniority-based process for reducing/recalling the workforce.
If we can spare some of those companies from having to search for new space and incur moving expenses in order to hold them in town, the benefit will be well worth it for New York.
STEEP property prices and moving expenses are spelling bad news for first-time buyers.