My Blog

Moving Expenses and Tax deductions

6/12/2013

7 Moving Expense Tax Deductions You Need To Know Before Your Next Move

Moving can be a costly ordeal. Fortunately, the Internal Revenue Service allows you to deduct certain expenses from your taxes, so long as certain criteria are met.

1) Do You Qualify?
The IRS only allows you to write off your moving expenses if the move is for job-related reasons. If you are moving because of convenience, you will not be able to receive tax deductions for your expenses.

2) 39 Weeks
The IRS requires that you be employed full time for 39 weeks of the first 12 months of your move in the area of your new job location in order to qualify for moving deductions. It is not required to have spent the 39 weeks at the same job, but rather a full-time job in the area. You will not be penalized by the IRS if you are laid off or transferred again.

3) 50 Miles Rule
The IRS requires that your commute from your old home to your new job location be at least 50 miles longer than your commute from your old home to your old job. To give an example, if you lived 10 miles from your previous job site, your new job location would have to be 60 miles or greater from your old home. Anything less than the 50 miles rule and you will not be eligible to deduct your moving expenses, per IRS guidelines.

4) Employer Assistance
If your employer is footing the bill for your move, it will impact what moving expenses, if any, you are able to deduct from your taxes. If your employer is paying only a portion of your moving expenses, be sure to keep track of the costs.

5) Self Employment
You can still deduct your moving expenses if you are self-employed. If you own your own business, you will need to meet the standard 39 weeks/50 miles guidelines. If you are self-employed, you will likely be required to meet the 50 miles guideline, as well as a longer 78 weeks rule, meaning you will need to work full time in the new location for roughly 20 months to be eligible to write off your moving expenses.

6) Married Couples
For married couples, only one spouse needs to meet the aforementioned IRS criteria to qualify.

7) Deductible Moving Expenses
The IRS has a short list of allowed moving deductions. Here is an outline of what moving expenses you will want to keep track of to write off as tax deductions later on:

  • Cost of packing and transporting household good and personal effects, whether you are moving yourself or hiring professional movers.
  • Cost of insurance for your move.
  • Costs to connect and/or disconnect utilities because of the move.
  • Cost of one-days lodging expense at your old residence after your belongings have been moved.
  • Cost of storing your belongings at a location that is not your old residence. This applies to storing belongings with a family member or in storage in another city where you had lived previously.
  • Cost of storing your belongings for no more than 30 consecutive days after the move.
  • Cost of one trip for you and your household members. You and your household members are not required to travel the same way or the same time.
  • Costs of car travel; you can deduct your expenses for gasoline, oil, lodging parking fees and tolls. You can either itemize your expenses or choose to deduct 18 centers per mile. Deductions for meals, sightseeing or repairs, maintenance, insurance or deprecation on your vehicle are not allowed.

Four Signs the Houseing Market is Recovering

4/22/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail: jmcalear@remaxspectrum.com

Greetings!

The housing market is recovering, though we don't yet know exactly what kind of recovery it will be. Will this be one that takes us two steps forward and one step back, or be a slow and and steady climb upward? Look for these 

As always, contact me with ANY Questions, comments, or concerns.

I am here to HELP!

Thanks
JIM Mc

What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim Here Sellers Contact Jim Here
www.southshoreluxury.com

How Your Credit Score is Calculated

4/3/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail:jmcalear@remaxspectrum.com

 

 

 

 

Your Credit Score and How it is Calculated

I have been getting a lot of question about Credit Scores and how they work/are calculated. This is an excellent article on exactly how they work.. Good for everyone to know, not just current Home Buyers.

http://blog.equifax.com/credit/how-your-credit-score-is-calculated/

As always, call with any questions, comments, or concerns

Thanks!

JIM Mc



What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim HereSellers Contact Jim Here
www.southshoreluxury.com

MA Foreclosures drop in Feb. 2013

4/2/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail: jmcalear@remaxspectrum.com

BREAKING NEWS

Mass. Foreclosure Activity Continues To Drop In February

Foreclosure activity in Massachusetts dropped again February, thanks to improving economic conditions and a revitalized real estate market, according to the latest report from The Warren Group, publisher of Banker&Tradesman. Read more.

As always, contact me with ANY Questions, comments, or concerns.

I am here to HELP!

Thanks
JIM Mc

What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim Here Sellers Contact Jim Here
www.southshoreluxury.com

Mortgage Originations At Five-Year High

3/29/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail: jmcalear@remaxspectrum.com

BREAKING NEWS

Mortgage Originations At Five-Year High In New England Area
The recovery year for the local housing market is evident in recent statistics - showing 2012 mortgage activity in New England at the highest level in five years, according to new data from the Warren Group's MarketShare Module: Read more

As always, contact me with ANY Questions, comments, or concerns.

I am here to HELP!

Thanks
JIM Mc

What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim Here Sellers Contact Jim Here
www.southshoreluxury.com

Another Real Estate Bubble Forming?

3/28/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail: jmcalear@remaxspectrum.com

News Brief
Home prices are going up, but are they moving too fast?
We are seeing huge leaps in home prices - 8 percent since this time last year - and the pace appears to be quickening. Home prices saw a 1 percent jump from December to January alone. This kind of pace mirrors what we saw before the housing bubble burst in 2007, so is this it sustainable? Or are we headed for another round of falling home prices?

Bonus: check out why scarce home inventory may be hurting real estate.

As always, contact me with ANY Questions, comments, or concerns.
I am here to HELP!
Thanks
JIM Mc

What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim Here Sellers Contact Jim Here
www.southshoreluxury.com

What are buyer's looking for in a home?

3/23/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail: jmcalear@remaxspectrum.com


What are buyers looking for in a home?

Many homeowners have been waiting to put their homes on the market, and are finally seeing prices increase enough to consider selling. If you're planning on putting your home up for sale in the near future, a new survey highlights five features buyers are looking for, and five home features that buyers are actually willing to pay more to get.

As always, contact me with ANY Questions, comments, or concerns.
I am here to HELP!
Thanks
JIM Mc

What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim Here Sellers Contact Jim Here
www.southshoreluxury.com

Secrets of online house hunting

3/18/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail: jmcalear@remaxspectrum.com

Secrets of Online House Hunting

Few aspects of modern life have been transformed as much by the Internet as house hunting. Last year, 90 percent of all homebuyersand 93 percent of first-time homebuyersused the Internet to find a home.

However, as powerful and pervasive as it is, online real estate has its failingssome obvious and some known to only a few. Read Article Here

As always, contact me with ANY Questions, comments, or concerns.
I am here to HELP!
Thanks
JIM Mc

What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim Here Sellers Contact Jim Here
www.southshoreluxury.com

Should you Refinance?

3/14/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail: jmcalear@remaxspectrum.com

News Brief
Should you still refinance?

At this point, it's possible that we've seen the end of the refinancing craze. Interest rates are sneaking upwards, making refis far less attractive. But does that mean you should abandon the idea of refinancing, or if you've done it before, refinancing again? I get a lot of refi questions, so I highlighted the five scenarios where refinancing may - or may not - be a good idea. Where do you fit?

As always, contact me with ANY Questions, comments, or concerns.
I am here to HELP!
Thanks
JIM Mc

What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim HereSellers Contact Jim Here
www.southshoreluxury.com

Weekly update March 11, 2013

3/11/2013

Direct Phone:781-785-3009

Office: 781-293-2900

Text: 781-267-9694

E-mail: jmcalear@remaxspectrum.com

Last week we talked about debt - so this week, let's talk about budgets. Plenty people have them, but they get more complicated the more people you're budgeting for. There are 3 easy steps to budgeting with a partner or family.
If you need more cash, lending is still tight - especially if you want to buy a home - but more people are taking on credit. What kind of credit profile do you need for a new loan?
And if you're gearing up already for spring home improvements, find out which home improvements add value, like front doors and kitchens.
And if you're focused on the kitchen, we've got a list of the top 5 kitchen trends with photos of new products that debuted this past week.
Find those savings, and have a great week!

As always, contact me with ANY Questions, comments, or concerns.
I am here to HELP!
Thanks
JIM Mc

What does a Buyer's Agent Do?

Mortgage Pre-Approval

Custom Home Search

Your Homes Value - Free Market Analysis

Preparing your Home for Sale

I Need to Sell before I Buy!

Buyers Contact Jim HereSellers Contact Jim Here
www.southshoreluxury.com
Page:  of 000  |