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Self Employed >Moving And Taxes
Even with the changes in tax laws over recent years, you may be able to deduct some of the expenses of a move that is the result of a change in your job.
You will probably be able to deduct the costs of your move if your new work location means more than an additional 50-mile commute, if you move within a year of taking the job at the new location, and if you work full-time for at least 39 weeks (the total is 78 weeks if you are self-employed). You should keep meticulous records of all of your expenses and consult a tax expert to make sure that you take all the lawful tax deductions allowed by the IRS criteria for expenses related to selling your old home or buying your new one. The IRS publication No. 521 entitled "Tax Information on Moving Expenses" makes good reading before you make a move.
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| Q |
What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
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| A |
One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million. |
 See More Real Estate Trivia > |
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Claudia Hohlt
Homes Plus Real Estate Services
19755 Hwy 105 West
Montgomery, TX. 77356
Phone: 936-537-1656
Fax: 936-588-3783
Alternate: 936-582-7710
Email: claudia@claudiahohlt.com
I am a long time Montgomery County Realtor who is very familiar and committed to this area. If you are considering buying or selling, I have the experience necessary to efficiently and effectively manage the process and help you maximize value in your next real estate transaction. Helping people on the move is my business........    
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