Moving can have various tax implications, especially when it comes to potential deductions, employer reimbursements, and changes in tax residency status.  In this overview, we will cover:

  • Recognizing the tax challenges and opportunities when moving
  • How recent tax law changes impact moving-related deductions
  • Planning for a move with tax efficiency in mind

Current State of Moving Expense Deductions

  • Overview of TCJA Changes to Moving Expenses
    • Who is affected and what changes were made
  • Qualifications for Deducting Moving Expenses for Military
    • Specific criteria for eligibility

Documenting Your Move

  • What to Keep Track Of
    • Comprehensive list of records to maintain
  • Storing Documents for Tax Purposes
    • Best practices for organizing and storing receipts and records

Tax Residency and Domicile Considerations

  • Establishing Tax Residency
    • State and international considerations for tax purposes
  • Dual-State Residency and Tax Filings
    • Navigating multiple state tax obligations
  • International Moves and U.S. Taxes
    • Understanding the Foreign Earned Income Exclusion (FEIE) and tax treaties

Employer Reimbursements for Moving

  • Taxable vs. Non-Taxable Reimbursements
    • How employer assistance can impact your taxes
  • Negotiating Your Relocation Package
    • Tax-efficient strategies for structuring moving assistance

Final Thoughts

  • State-specific tax considerations for moving
  • IRS resources for moving and changes of residency
  • Seeking professional tax advice for interstate and international moves

Detailed Bullet Points for the IRS Sections:

  • IRS References:
    1. Moving Expenses for Military: IRS Publication 3, Armed Forces’ Tax Guide
    2. Tax Residency Rules: IRS Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad
    3. Foreign Earned Income Exclusion: IRS Form 2555 and instructions
    4. Employer Reimbursements: IRS Publication 521, Moving Expenses, for historical reference and understanding the tax treatment of various types of reimbursements