Your Moving Expenses
When you relocate to the Las Vegas area, it is important that you understand all of the expenses involved. There are also possible tax deductions available, and it would benefit you to understand them.
Tax deductions might apply to a move, but it is best to understand the law before moving in order to keep the appropriate records and to comply with any necessary provisions. Keep in mind that a move must be at least 50 miles from a current home and involve changing job locations in order for expenses to be deductible.
Deductible Moving Expenses
You can deduct the reasonable expenses of moving your household goods and personal effects and of traveling from your old home to your new home. Reasonable expenses can include the cost of lodging (but not meals) while traveling to your new home.
When are Deductions Possible?
According to the IRS, if you move to a new home because of a new principal workplace, you may be able to deduct your moving expenses whether you are self-employed or an employee. To be eligible, you must meet both the distance test and time test. Call the Internal Revenue Service at 800-829-1040 or visit www.irs.gov to request a free booklet explaining exactly what can and cannot be deducted.
This usually refers to a furnished apartment (occasionally a town house or detached home) set up with telephone service, utilities and usually cable TV. Corporate housing is available for extended stays, usually with a 30-day minimum. Often housekeeping service is provided or can be arranged at an additional cost. Apartments in suburban areas are often located in large developments with many resort-style amenities, such as swimming pools, tennis courts, community center and fitness room. Many apartments are equipped with a washer/dryer. Others have a Laundromat onsite. Garage parking is occasionally available.
Working with a Real Estate Agent
Many people who relocate prefer to rent instead of immediately buying a home. This is because they want to get a feel for the area, and perhaps they didn’t have much advance preparation time to visit the area and preselect a home and neighborhood. In this case, working with a real-estate agent to rent a home is a great option. One benefit is that the agent will be familiar with master-planned communities and other neighborhoods throughout the Valley and know about the availability and price of rentals.
Extended-stay hotels vary considerably in their room types and amenities. However, they always have guest laundry facilities onsite, guestrooms (also called suites) with full kitchens and kitchen utensils. This option usually offers discounts for extended stays. Some extended-stay hotels have only studio suites, while others offer larger 1-bedroom or 2-bedroom/2-bathroom suites. Available amenities can include free breakfast buffets, evening receptions or grocery shopping service. Housekeeping service can range from once per week to daily.