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Financial Planning / Tax Strategies


Subject:  Re: Moving Expenses Date:  11/17/1999  7:28 PM
Author:  TaxService Number:  21297 of 127753

When you are retired and you decide to move to another state, are any of the expenses deductible? What if the move was due to one of the individuals becomes disabled due to a terminal illness and they move to be closer to relatives?

Sorry!=(: Moving expense must be job related in order to qualify for that type of deduction. If you own your home, there are certain benefits that would allow your relief from having to pay gains on the sale of the residence. If you lived in it for two out of the last five years, $250,000 in gains is excludable from your income ($500,000 if married filing jointly). There are exceptions that might allow for a pro-rated exclusion, if your move was mandated by job or health related issues and you do not meet the two year requirement.

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