A Moving Expense
Incentive that reimburses employees for moving expenses
to a new residence if recommended as part of the rehabilitation program approved by MetLife.
The 2001 standard mileage rate for medical and moving expense
purposes will be 12 cents per mile, up from the 10 cents per mile rate in effect during 2000.
The new law changes the distance requirement that taxpayers must meet to qualify for the moving expense
deduction, changes the classification of the deduction for moving expenses
and restricts the types of expenses that qualify for deduction.
The IRS reset the optional standard mileage rates for 2005 in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense
It would be difficult to justify enriching this bias by further allowing GST on a new house (an amount that may be quite significant on expensive houses) to be a deductible moving expense
in such situations.
Fees associated with moving personal effects into a state, such as automobile impact fees, may be deductible based on a revenue ruling which allowed as a moving expense
deduction the excise tax imposed by Puerto Rico on the introduction of a second automobile into the island by a taxpayer moving there from the U.
Mayflower Transit suggests that you consult with your accountant or tax advisor to see if you qualify for moving expense
deductions -- either last year or this year.
OBRA(1) has substantially modified the employmentrelated moving expense
deduction, both by restricting the expenses that qualify(2) and by moving the deduction "above the line.
Under section 82, moving expense
reimbursements are includable in the employee's gross income.
Starting with tax year 1998, the Internal Revenue Service has eliminated Form 4782, Employee Moving Expense
Information, which had been used to exclude employer reimbursements from an employee's gross income.
A limitation on moving expense
deductions will impair the ability of American businesses to globalize their operations and remain competitive.
10 per mile for medical care travel or for a move that qualifies for the moving expense