When you put a down payment on a house, you get a house. If you put a deposit on an apartment, you get an apartment. When you pay for your move, well, we hate to admit it, but you’re not getting anything new. We transport your goods from one place to another, and you pay us for it. The truth is that hiring a moving company is an incredible savings over the alternative. Which is replacing everything you own. Still, a little help paying for the move would be nice.
Fortunately, there are some little-known hacks that might either help pay for your move, or pay for it in its entirety.
The IRS can’t pay for your move altogether, but they might be able to help. If you are moving for a new job, and the new job is more than 50 miles further away from your new home than your old job was from your old home, the move might be tax deductible. Yes, that’s confusing. In other words, if you used to commute 10 miles to your old job, and you’d have to commute more than 60 miles to your new job, that would be a good reason to move. The IRS agrees, so they’ll help out.
You also have to work 39 weeks out of the first 12 month period in your new home. It can be more than one job. The good news is, you don’t have to wait till after the year.
A tax deduction is never 100%, but you can deduct the move, up to 30 days storage, even even moving expenses for your family.
If you are moving for school or have recently graduated and you still have some student loan money to spend, you can spend it on your move. Granted, you’ll have to pay it back, but the theory is that you’ll be making a lot more money by that time. Still, if you are trying to avoid debt, this might not be your best alternative.
You’d be amazed at the number of people who forget to negotiate moving expenses into their new employment contract. For the employer, it’s a tax deduction. For you, another reason to work for that company. Not all employers will pay for your move. But some will even help with a downpayment on your new home or temporary housing expenses while you look.