[adamz]

Originally Posted by Stephy0519

Yup, you actually can. When I took my current position close to two years ago, I did NOT get relo covered and was taking a chance with the position since it was consulting (I'm not FTE, although consulting is common in my industry.) As long as you are moving from more than 35 miles from where your new job is located, you can write off your moving expenses.

So nep....get over the relo. Just write it off. And yes, it is that easy. I did it. You will just have to wait until next year.

You would think a tax professional would know about the deduction.

NEP threads are so unbelievable that sometimes it's hard to believe that this isn't all a put on.

[Raider111]

Originally Posted by adamz

You would think a tax professional would know about the deduction.

NEP threads are so unbelievable that sometimes it's hard to believe that this isn't all a put on.

Bingo!

[nep321]

Originally Posted by adamz

You would think a tax professional would know about the deduction.

NEP threads are so unbelievable that sometimes it's hard to believe that this isn't all a put on.

I do know about the deduction. I've taken it before. Geez. But it's just that..a DEDUCTION. It doesn't change the price of the relo, which is $4K.

Nonetheless, I have spoken with the recruiter this morning and we believe that I may be able to get $2K in relo reimbursement.

[PDF]

Originally Posted by nep321

I do know about the deduction. I've taken it before. Geez. But it's just that..a DEDUCTION. It doesn't change the price of the relo, which is $4K.

Nonetheless, I have spoken with the recruiter this morning and we believe that I may be able to get $2K in relo reimbursement.

Which would bring your TOTAL relocation cost down to $2k. It was never $7k, it was always $4k.

[convextech]

Originally Posted by nep321

I have bad news.

Today, I got a precise estimate of the cost of relocation, of which I would have to pay for all of it.

The grand total will be around $4,000. To break the lease here will cost $2,000. The UHAUL ordeal will cost $1,800. And it will costs maybe another $100 to drive over there, and another $200 or so for storage costs.

Many people told you not to move all of your junk when you went last time, and you certainly don't need to move all of it back. You should have just sold everything and started over.


You're just making up excuses, IMO.

[nep321]

Originally Posted by PDF

Which would bring your TOTAL relocation cost down to $2k. It was never $7k, it was always $4k.

It's not that simple though. There are several hurdles regarding timing, distance and reason for the move, etc., in order to qualify for the deduction. I don't feel like looking into it right now though.

[nep321]

Originally Posted by convextech

Many people told you not to move all of your junk when you went last time, and you certainly don't need to move all of it back. You should have just sold everything and started over.


You're just making up excuses, IMO.

I have $13,000 worth of personal property in my condo. That's not stuff I am just going to sell on a whim. It's worth keeping and moving. I don't feel like buying furniture, electronics, etc. all over again. God no.

[nep321]

Anyway...

I scheduled my dentist appointment for next week as well as a car maintenance appointment, here in Ohio, just to minimize the possibility of having to do these things after I begin the job.

I also read through all of the company's policies, code of conduct, procedures and employee handbook, so that I can start the job knowing exactly everything that I need to know about working there.

So now, we just wait and see if I will be granted the $2,000 in relocation assistance!

[Stephy0519]

Originally Posted by nep321

It's not that simple though. There are several hurdles regarding timing, distance and reason for the move, etc., in order to qualify for the deduction. I don't feel like looking into it right now though.

As long as your new work is more than 35 miles away from your current place of living, and you relo is work related, then you can write of your deductions. Timing wise, you cannot take the deductions this year, you have to obviously take them next year.


I don't think I've ever mentioned while my job is not tax, I AM in Finance and I've learned many, many things related to taxes. My accountant also taught me all the ins and outs years ago and gave me the blessing to do my own itemization, etc a few years back.

[nep321]

Originally Posted by Stephy0519

As long as your new work is more than 35 miles away from your current place of living, and you relo is work related, then you can write of your deductions. Timing wise, you cannot take the deductions this year, you have to obviously take them next year.


I don't think I've ever mentioned while my job is not tax, I AM in Finance and I've learned many, many things related to taxes. My accountant also taught me all the ins and outs years ago and gave me the blessing to do my own itemization, etc a few years back.

That is not true.

The new place of work must be at least 50 miles away from my old home (here in OH); not 35 miles. Nonetheless, I meet the distance test.

Then there's the time test which says that the deduction is only allowed if I stay at the job for at least 39 weeks (9 months). What if I fail to complete the probation period again or something?

And most importantly, you can NOT deduct the expense of breaking a lease, which is $2,000 in my case.

Therefore, only about $2,000 of my moving expenses are eligible for deduction, which means that the tax impact would only be a benefit of approximately $600. Whoop dee do.

See the instructions to IRS Form 3903. And that's assuming that the law doesn't change for tax year 2016.