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A Guide to Moving and Storage Taxes

Each type of mover is eligible to pay different taxes. This is why Movers N More has decided that a full and well-written post about how recent movers can use new tax eligibilities to save money will be very informative to our readers. Please feel free to comment the following article and provide us with some additional recommendations!

Preparing for a moving and storage project requires a lot of work, finances, and energy. The good news is that moving for any number of reasons can trigger new tax eligibilities. Here is a bit of information about this, in regard to the following types of moving:

1. Grad school/College moving

  • – students loan interest deductions
  • – deduct moving expenses over 50 miles

2. Moving to a new home

  • – mortgage interest points and property tax deduction
  • – penalty-free 10K payout from IRA (Individual Retirement Account) to buy a new home

3. Moving after a marriage

  • – you can change your withholding amount on your W-4
  • – you can now file taxes jointly

A mover in front of a moving truck4. Moving because you have kids

  • – add an exemption to your tax return
  • – child care tax credit can be utilized
  • – add a dependency for each additional child

5. Moving because your child is going in college

  • – lifetime learning credit
  • – American Opportunity Credit, Hope Credit, and tuition deductions
  • – using 529 plan or Coverdell funds is tax-free

6. Moving because of a divorce

  • – can still file jointly if the divorce is not final by December, 31st
  • – home sale tax exclusions can be up to $250K each
  • – alimony payments equal a deduction

7. New job moving

  • – severence pay is taxable
  • – the first $2,000 of an unemployed individual are not taxable
  • – job search expenses can be itemized deductions
  • – relocation expenses for over 50 miles are deductible

8. Moving to a second home

  • – if it is not a rental one, deduct the interest on the mortgage
  • – rental income less than 14 days is tax free
  • – rental income from more than 14 days is taxable

For more information on the topic, you can contact our moving and storage specialists in Murfreesboro TN. We are always ready to answer your questions!