ACCT 485 Lecture Notes - Lecture 19: Fide, Kiwanis
17 Oct 2016
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Doesn"t matter if it is a us holiday or not. Moving expenses: qualified moving expenses are deductible for moves in connection with the commencement of work at a new principal place of work, must meet two tests in order for the expenses to be deductible: The taxpayer"s new job location must be at least 50 miles farther from the taxpayer"s old residence than the old residence was from the former place of employment. An employee must be employed on a full-time basis at the new location for 39 weeks in the 12-month period following the move (78 weeks in the 24-month period following the move for a self- employed taxpayer) You can claim a deduction before the time test is met: qualified moving expenses. Include reasonable expenses of moving household goods and personal effects and traveling from the former residence to the new residence. Taxpayer can elect to use actual automobile expenses (no depreciation allowed) or the automatic mileage method.
