Moving Expenses Paid for by Company

[suzie02]

Originally Posted by tortoisegirl

It is a small company, and I am the first employee to be brought in from out of area. No idea about taxes.

Moving expenses are part of your compensation. So any income has to be reported to the IRS. Now, the IRS has exceptions for items that are not taxable if you meet the 50 mile rule. I believe meals are taxable. I learned about this during my first move. I was reimbursed for the cost plus taxes that would be due on that income. Here is the link to the irs publication http://www.irs.gov/pub/irs-pdf/p521.pdf

[tortoisegirl]

I definitely meet the IRS requirements, and if I include meals I would be over the amount the company says they would reimburse up to based upon my estimates. I wanted to include everything just in case they'd reimburse more than they initially quoted, for whatever reason.

[suzie02]

I just got our relocation info. Here is what it says:


Expenses which are “Qualified” as Deductible/Excludable Moving Expenses by the Employee

·Transportation costs of moving household goods, personal effects and car
·In-transit storage - not to exceed 30 days
·Transportation expenses for moving employee, family, and household pets
·Expenses incurred for lodging for the employee and family while en route to their new location

Examples of expenses that are “non-qualified” moving expenses include:

·Temporary living
·Purchase closing costs
·Lease cancellation
·Storage over 30 days
·Househunting trips, etc.