I graduated from college in May and am about to move across the country to start a job in San Francisco. Are my moving expenses tax-deductible?
Congratulations on your first job! As long as your employer didn’t pay for the full cost of the move, you should qualify for the deduction. To be able to write off moving expenses, you must be taking a job at least 50 miles farther from your home than your old job was. For your first job, the job must be at least 50 miles from your current home. Because you’re moving across the country, you’ll have no trouble meeting the distance test.
You can deduct the cost of hiring movers to pack and transport your possessions or renting a moving van; travel expenses (lodging but not meals), including 23 cents per mile if you drive; and storing your stuff for up to 30 days between moving and delivery. You don’t have to itemize to take the deduction; just submit Form 3903 when you file your 2013 taxes. For more information, see IRS Publication 521.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Some people starting a new job can deduct job-search expenses, too, although not for a first job. To qualify, you must be looking for a job in the line of work you’re already in, whether or not you get the new job. The cost of printing and mailing résumés counts, as well as employment and outplacement agency fees, the cost of posting on job-search sites, and travel expenses if the trip is primarily to search for a job. Job-hunting expenses are a miscellaneous itemized deduction (like employee business expenses and investment-related expenses), which are deductible only if you itemize, and only to the extent that all of your miscellaneous write-offs exceed 2% of your adjusted gross income. For more information, see IRS Publication 529, Miscellaneous Deductions.
-
Should You Do A Roth IRA Conversion? Nine Things to ConsiderThe Tax Letter Thinking of converting a traditional IRA to a Roth IRA? The Kiplinger Tax Letter Editor highlights nine factors you should consider before making a move.
-
33 Stocks That Could Rally 50% or More This YearAnalysts say these S&P 500 stocks have at least 50% price upside over the next year or so.
-
Missed Tax Day? Nearly One Million Taxpayers Still Can File and Claim Valuable Tax RefundsTax Refunds As many as one million taxpayers could be missing out on a significant tax refund.
-
Which Generation Pays the Most Tax in the US?Tax Burden Polls show that most people feel like taxes are unfair. But which age group bears the brunt of the tax burden in the United States?
-
How the Trump Harvard IRS Tax Threat Could Impact YouTax Law Trump's latest higher education showdown raises fundamental questions that could reach beyond Harvard's nonprofit tax status.
-
Tax Day 2025: Don’t Miss These Freebies, Food Deals and DiscountsTax Day You can score some sweet deals on April 15 in some select restaurants like Burger King, Shake Shack, and more.
-
Tax Time: Does Your Kid Influencer Owe Taxes?State Tax Some minors are making big money on social media. Here’s how to know if they need to file taxes.
-
Did Florida’s Chance at $1,000 in Property Tax Rebates Vanish?State Taxes The Florida Legislature bypassed Gov. Ron DeSantis’ wish to cut property taxes and instead voted to lower the state’s sales tax.
-
How Caregivers for Adults Can Save on Taxes in 2025Tax Breaks Caring for your parent or spouse can be stressful, but the IRS offers tax breaks for qualifying taxpayers. Here they are.
-
New South Carolina Income Tax Cut Might Eat Your CashState Taxes South Carolina’s flat income tax bill could have the majority of residents paying higher income taxes. Find out how.
