Deducting moving expenses in 2018

The latest tax reform  suspends the moving expense deduction

The new tax law suspends the moving expenses deduction for tax years beginning after December 31, 2017 and goes through January 1, 2026. During this timeframe, there is no deduction allowed for use of an automobile as part of the move.

Exceptions to the rule: This deduction is only allowed for members of the United States armed forces on active duty.

You should consult a tax professional when you have moving expenses and to determine how these changes will affect your tax situation.

Posted In: Tax

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