How a two-part relocation affects your taxes

I'll be moving across the country to take a new job, but my wife and daughter won't join me until my daughter finishes school next summer. Will this delay prevent us from deducting our moving expenses?

I'll be moving across the country to take a new job, but my wife and daughter won't join me until my daughter finishes school next summer. Will this delay prevent us from deducting our moving expenses?

Not as long as you relocate within a year after starting the new job. Then you can deduct the expenses for your part of the move on your 2008 return and the costs for moving your wife and daughter in 2009, assuming they actually do join you within that year. If your family's relocation is delayed longer, deduct their expenses in the appropriate year.

Related Videos
David Zetter gives expert advice
David Zetter gives expert advice
Joel Greenwald, MD, CFP
Ben Johnston gives expert advice
Ben Johnston gives expert advice
Ben Johnston gives expert advice
Ben Johnston gives expert advice
Ben Johnston gives expert advice
Syed Night
Ben Johnston gives expert advice
© 2023 MJH Life Sciences

All rights reserved.