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Related to Moving Expenses: relocation 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.
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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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary