What is a Moving Expense Tax Break Credit?

Have you recently moved because of a new job? If you answered yes, you may be able to qualify for the moving expense tax credit. This credit allows you to deduct any eligible moving expenses using IRS Form 3903. You can obtain this form from GovDocFiling, and we can even assist you if you need to fill out an EIN number application first. Keep reading to learn how you can offset some of your moving costs with this unique tax break.

When it comes to claiming your tax break credit for moving, you will need to prove you moved for professional reasons. If you intend to claim the credit, you will need to prove to the IRS that you started your new job and worked full-time hours for a period of at least 39 weeks within the first year of your move. However, if circumstances prevented this from occurring, you may still be able to deduct your expenses if you have a good reason. Your new place of employment must also be at least 50 miles from your old residence than your new job. Members of the armed forces may not have to meet these distance standards.

If you are eligible for the credit, you may be able to deduct costs for:

  • Moving truck mileage or gas
  • Rental truck costs
  • Storage costs
  • Hotel or lodging costs
  • Boxes and other types of packaging materials

The IRS provides taxpayers with a standard mileage rate to make it easier to calculate expenses. This can be convenient, but you may not need to use it if you’ve retained receipts or records of your actual costs.

If you wish to learn more about deducting moving costs, or you simply need to see a tax ID number example before you file, GovDocFiling will be more than happy to help you. Get help filing your taxes now by filling out this convenient online form here.